Gold price today: Yellow metal has continued with an upward trend owing to Russia-Ukraine conflictGold prices in India rose on Tuesday to Rs 50,205 per 10 grams on the MCX, as the yellow metal continued to extend gains for the seventh consecutive day owing to the ongoing Ukraine-Russia conflict.
Silver too jumped 0.54 per centto Rs 64,580 per kg.Globally gold prices climbed to an eight-month high amidheightened tensions between Russia and the West over Ukraine, whichprompted investors to shun riskier assets and opt for safe-haven bullion.Spot gold was up by 0.3 per centat $1,876.71 per ounce,after hitting its highest level since June 11 at $1,878.88 earlier in the day.
USgold futures rose 0.5 per centto $1,879.00.Due to the Ukraine crisis, gold is supported through the inflation channel because of higher crude oil prices and through the risk aversion channel because of lower stocks, said Stephen Innes, managing partner at SPI Asset Management."If we lose that Ukraine impulse, then gold comes off quite quickly," Mr Innes said.Among other precious metals, spot silver gained 0.3 per centto $23.91 per ounce and platinum added 0.1 per centto $1,029.19.