New Delhi: The prices of gold spiked on Thursday as Russian President Vladimir Putin announced a military operation in eastern Ukraine’s Donbas region.
At Multi Commodity Exchange (MCX), the price of the yellow metal has reached Rs. 51750 per 10 gram. As per market experts, the price of the metal per ounce has overcome the resistance level of $1925 and it may hit even the $2000 level.
Gold price in Hyderabad
The 24K gold price in Hyderabad which was Rs. 50.620 per 10 gram on February 15 jumped to Rs. 51,110 on February 24.
During the same period, the silver price spiked by Rs. 2400 per kg. It was Rs. 68200 on February 15 which surged to Rs. 70600 today.
As it is predicted that the price per ounce may hit the $2000 level, it seems to be an attractive investment opportunity. However, nothing is certain when it comes to gold price as it is impacted by many factors.
Sensex crashes
India’s key indices tanked sharply on Thursday morning as investors remained cautious after Russia announced the military operation.
At 12 noon, Sensex traded at 55,549.86 points, down 2.94 percent or 1,673.36 points, whereas Nifty 50 traded at 16,558.55 points, down 2.96 percent or 505.35 points.
Since February 15, Sensex has declined by 2592.19 points. It was Rs. 58, 142.05 which fell down to Rs. 55,549.86 today.
Crude oil price spikes
Tensions between Russia and Ukraine continued to keep crude oil prices on the boil. The brent-indexed crude oil price breached the $100 per barrel.
At 12 noon, the price of crude oil per barrel was $101.67.
As the crude oil price rises continuously, India may witness an increase in petrol and diesel prices.
Currently, the prices of petrol and diesel in Hyderabad are Rs. 108.2 and Rs. 94.62 per liter respectively.
The prices have not witnessed any rise after the Central government’s decision to cut the excise duty.
