Gold rises to 5-week high on inflation, Ukraine war – Times of India

Gold rose to a five-week excessive because the struggle in Europe, elevated inflation and the chance of a US recession boosted demand for the haven asset.
The valuable metallic climbed as a lot as 1% after capping a second weekly achieve, following will increase in oil and pure fuel. The potential for a de facto European Union embargo on Russian fuel and the specter of some curbs on crude in Europe’s subsequent sanctions bundle have bolstered each commodities. That’s including to already elevated uncooked materials costs, fuelling demand for gold as a hedge towards accelerating inflation.
In the meantime, gold in Mumbai rallied Rs 400 to achieve Rs 53,400 per 10gm, reflecting an uptick in worldwide treasured metallic costs together with rupee depreciation. The valuable metallic had completed at Rs 53,000 per 10gm within the earlier commerce. Silver additionally jumped Rs 993 to Rs 69,932 per kg from Rs 68,939 per kg within the earlier commerce.
“Gold costs traded greater with spot gold costs at Comex buying and selling 1% up at $1,993 per ounce on Monday. Gold costs rallied to 1-month excessive on world market uncertainty over Ukraine battle which led to safe-haven shopping for,” mentioned Dilip Parmar of HDFC Securities.

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