The whole world is in tension due to Russia-Ukraine war. At the same time, new news from crude oil to inflation is shocking every day. At the same time, there is a huge increase in the prices of commodities across the world. Among all these, the price of gold on MCX has seen the biggest rise since May 2021. Yes, today MCX gold price is seen at Rs 52,549 per 10 grams. On the other hand, all commodity experts believe that gold can touch the level of Rs 54,000 in the near term.
Yes, recently Sugandha Sachdev of Religare Broking has talked about this. He says that the conflict between Russia and Ukraine has increased the risk sentiment in the market. That's why people are seen investing heavily in gold. The appeal of a safe investment option of gold has increased even more. Gold prices this week saw the biggest weekly increase since May 2021 amid rising geopolitical tensions. At the same time, it is also being said that the ongoing war between Russia and Ukraine will take a serious form. Similarly, further increase in gold prices can be seen.
However, due to the rise in the prices of other commodities and crude oil in the midst of all this, the concerns related to inflation have increased further. Due to this, people are seen buying gold under the hedging strategy to deal with inflation. However, on March 5, the prices of gold and silver remained stable after a continuous jump. In fact, on March 5, 22 carat gold was sold for Rs 48990 per 10 grams. At the same time, 24 carat gold was sold for Rs 51,440 per 10 grams. While silver sold at Rs 72500 per kg.
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