Gold Price Today, Feb 24: Russia-Ukraine war boosts gold price to Rs 52,500; highest in 2022

Gold prices jumped by 2.25 per cent on Thursday to about Rs 52,500 per 10 gram.

New Delhi: Gold prices today, February 24, witnessed a boost after Russia declared war on Ukraine. The price of other precious metals on the Multi Commodity Exchange (MCX) also witnessed a sharp rise. 

Similarly, commodities market were on the rise. However, on the other hand, global stock markets were trading in the red. 

Gold April Futures on the MCX jumped by 2.25 per cent on Thursday to about Rs 52,500 per 10 gram - the highest rate in 2022. 

Moreover, the Spot Gold prices at COMEX jumped to about $1940 per ounce, shattering the near-term resistance of $1920 per ounce. The next target for Spot Gold at COMEX appears to be $1970 per ounce amid the rising geopolitical risks, according to a report by IANS.

It is important to note that Russia is one of the world's largest producers of the precious yellow metal. Further sanctions by the west against Russia could increase the troubles for global supply.

Meaning, Spot Silver prices on COMEX jumped by 2.31 per cent to trade at $25.10 per ounce on medium term chart.

On the other hand, Silver futures for the April contract were trading at Rs 66,447 per kg on MCX. 

"Gold prices have rallied on safe-haven buying along with the dollar on geopolitical risk fearing severe sanctions on Russia and possible disruption of supplies of commodities," Tapan Patel, Senior Analyst (Commodities), HDFC Securities, told IANS.  

"The sharp fall in the rupee has also lent support to MCX GOld prices compared to global gold prices," he was quoted as saying. 

According to Kshitij Purohit, Lead of Commodities and Currencies CapitalVia Global Research: "On the hourly chart, the MCX Gold April contract has formed an ascending broadening wedge formation and has remained within a channel with downside corrections over the last few sessions." Also Read: SBI customers alert! Here's what to do if you have accidentally revealed password or PIN

"The immediate support level could be around 47,750, while the resistance level could be around 51,000 - a psychological level for the short term," he added. Also Read: Russian-Ukraine War: Twitter 'mistakenly' blocked accounts sharing info on crisis