INSUBCONTINENT EXCLUSIVE:
Domestic spot gold with a purity of 24 carats opened at Rs 50,868 per 10 grams.Gold Price In India: Gold and silver futures traded lower on
Friday, February 25, taking cues from the international spot rates
On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 1.03 per cent down at Rs 51,011, compared
to the previous close of Rs 51,543
Silver futures, due for a March 4 delivery, were last seen 1.68 per cent lower at Rs 64,921 against the previous close of Rs 66,031.Domestic
spot gold with a purity of 24 carats opened at Rs 50,868 per 10 grams on Friday, and silver at Rs 65,165 per kilogram - both rates excluding
GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).Foreign Exchange
Rates:Globally, gold prices rose as investors reassessed the situation surrounding Russia's invasion of Ukraine and fresh sanctions
against Moscow from the West
Spot gold rose 0.3 per cent to $1,909.06 per ounce
The yellow metal had jumped 3 per cent in the previous session to hit its highest level since September 2020 at $1,973.96, before reversing
course to close lower.Bullion is considered a hedge against inflation and geopolitical risks
Higher yields and interest rate hikes dent the appeal of bullion by raising the opportunity cost of holding non-interest paying gold.Analyst
View:Ravindra Rao, CMT, EPAT, VP - Head Commodity Research at Kotak Securities: "Gold has come off the highs as risk sentiment stabilized as
market players assessed the impact of sanctions by the United States and other western countries in response to Russia's attack on
Retreat in crude oil and other commodity prices from recent highs also eased gold's appeal as an inflation hedge
However, with the prospect of increased tensions between Russia and world leaders, risk sentiment may remain weak and this may keep gold
