Gold Market Is Volatile, US-Russia Can Have A Summit On The Ukraine Issue

The global gold market now is showing a bullish trend as an immediate impact of the uncertain geopolitical situation. The Russian President Vladimir Putin and US President Joe Biden might have a summit if Russia does not invade Ukraine. This is going to be an important take on the Ukraine matter. Commenting on the present Russia-Ukraine geopolitical tensions, US Secretary of State Antony Blinken said, "Everything we are seeing suggests that this is dead serious, that we are on the brink of an invasion. We will do everything we can to try to prevent it before it happens." Additionally, Russian President Vladimir Putin stated that diplomatic procedures regarding the matter should intensify for finding a resolution to the crisis.

The equity markets and assets markets are behaving uncertain now. Gold, as a precious metal is continuing to attract investors' eyes, so gold prices are rallying upward. Gold as a precious is working as a safe haven. Along with it, the rising inflation rate in the USA is driving the gold rates to surge.

However, in India, gold rates on February 21 fell by around Rs. 90-130/10 grams, as IBJA is trying to keep the gold prices moderate. The 22 carat gold prices are quoted at Rs. 45,900/10 grams, and the 24 carat gold rates are quoted at Rs. 50,050/10 grams.

Gold rates are quoted differently, daily. Today's gold rates in major Indian cities follow:

The Comex gold futures gained by 0.01% and were quoted at $1898.80/oz, till last traded. On the earlier day, Comex gold futures closed at $1898.60/oz. The spot gold prices were quoted at $1890.30/oz, falling by 0.52%, till last traded. The US dollar index in the spot market stood at 95.77, falling by 0.36%. However, in India, the MCX gold in April future quoted at Rs. 49,802/10 grams, fell by 0.62%, till last traded.