Mumbai: Gold prices surged in the commodity market by more than 1.5% on Monday. As per market experts, the concern over higher inflation as Western countries imposed sanctions on Russia and exclusion of Russia from the SWIFT transaction system are the main reason for the rise in gold price. The Ukraine crisis may support gold prices in the short term. Gold is often used as a hedge against inflation and as a means of preserving wealth during times of financial and political uncertainties.
On the Multi Commodity Exchange (MCX), gold futures is at Rs 51,020 per 10 gram, up by 1.59% or Rs 799. Silver futures were trading up 1.88% or Rs 1,217 at Rs 66,122 per kg. In the international market, gold prices rose more than 1% to $ 1,909.89 per ounce.
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In the Kerala market, price of sovereign gold reached at Rs 37,600, higher by Rs 520 per 8 gram. One gram gold is trading at Rs 4700, up by Rs 65.
In India, latest tranche of sovereign gold bonds will open for subscription today and close on March 4. The issue price of Sovereign Gold Bond Scheme 2021-22 – Series X has been fixed at Rs 5,109 per gram of gold. The RBI issues the bonds on behalf of the Government of India while the minimum permissible investment is 1 gram of gold.
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