Gold, Silver Rates Surge As Ukraine Crisis Intensifies

Gold Price In India: Gold and silver futures traded elevated on Tuesday, February 22, taking cues from the worldwide spot costs as a result of the Russia-Ukraine catastrophe boosted demand. On the Multi Commodity Exchange (MCX), gold futures, due for a February 4 provide, have been last seen 0.64 per cent elevated at Rs 50,400, compared with the sooner shut of Rs 50,078. Silver futures due for a March 4 provide have been last seen 1.14 per cent up at Rs 64,318 in opposition to the sooner shut of Rs 63,591.Foreign Exchange Rates:Globally, gold prices hit a near 9 month-high after Russia ordered troops into breakaway areas of jap Ukraine, boosting demand for the safe-haven metallic. Spot gold was up 0.2 per cent at $1,909.54 per ounce after scaling its highest since June 1 at $1,913.89 per ounce earlier. U.S. gold futures gained 0.7 per cent to $1,913.60.Bullion is taken under consideration a hedge in opposition to inflation and geopolitical risks.Analyst View:Ravi Singh, Vice President and Head of Research, ShareIndia: "Amid news of a potential meeting between U.S. President Joe Biden and his Russian counterpart Vladimir Putin over the Ukraine stand-off, gold prices have shown some profit-booking. However, the rising inflation worries are maintaining the safe-haven appeal."He immediate "Buy Zone near - Rs 49,800 for the target of Rs 50,200. Sell Zone below - Rs 49,700 for the target of Rs 49,500."Amit Khare, AVP- Research Commodities, Ganganagar Commodity Ltd: "Gold and silver are showing some profit-booking on the daily chart. Momentum indicator RSI also cited the same in hourly as well as daily charts. So traders are advised to create fresh short positions near given resistance levels. They should focus important technical levels given for the day: April Gold closing price - Rs 50,078, Support 1 - Rs 50,000, Support 2 - Rs 49,800,  Resistance 1 - Rs 50,500, Resistance 2 - Rs 50,700. March Silver closing price - Rs 63,591, Support 1 - Rs 63,500, Support 2 - Rs 63,000, Resistance 1 - Rs 64,500, Resistance 2 - Rs 65,000."