As markets turn wobbly, gold likely to cross Rs 55K-mark, silver to touch RS 80K
Zee News
Last week, inflationary fears on the back of Russia-Ukraine conflict pushed gold price to Rs 55,000 per 10-gram.
New Delhi: Rush for safe haven investments during the ongoing market volatility triggered by the Russia-Ukraine conflict is expected to keep global gold and silver prices at elevated levels.
Besides, sanctions on Russia, which is a major producer of gold, is expected to reduce supply. A sell-off in equity markets by FIIs has also triggered a rush for these safe haven options.
Last week, inflationary fears on the back of Russia-Ukraine conflict pushed gold price to Rs 55,000 per 10-gram.
At present, global gold price has stabilised above $1,990 per ounce. On the domestic front, the price has reached the Rs 53,000 per 10 gram-mark.
Global silver price is also expected to range from $24.70 to $27.50 per ounce.
