New Delhi: Gold and silver prices in India surged on Tuesday on the back of Ukraine crisis escalating after Russia said it will recognise breakaway regions of eastern Ukraine.
On MCX, gold futures jumped 0. 75 percent to a nearly one-year high of Rs 50,454 per 10 gram while silver rose 1.13 percent to Rs 64,426 per kg.
In global markets, gold prices hit a near nine month-high triggering demand for the safe-haven metal, according to Reuters. Spot gold was up 0.2 per cent at $1,909.54 per ounce.
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In global markets, spot silver gained 0.9 per cent to $24.14 per ounce and platinum rose 0.9 per cent to $1,083.68 and palladium was up 0.8 per cent to $2,406.24.
Among other commodities, oil jumped to a seven-year high. The United States and European countries had threatened to impose sanctions on Russia.
US President Joe Biden signed an executive order to prohibit trade and investment between US individuals and the two breakaway regions of eastern Ukraine, the White House said.
The US bonds also surged on safe-haven demand on deteriorating Ukraine crisis. Bullion is considered a hedge against inflation and geopolitical risks, the hike in interest rate tend to raise the opportunity cost of holding non-yielding bullion.
Check latest price of gold in cities here
In Kolkata, New Delhi and Mumbai, 10 grams of 22-carat gold is being traded at Rs 47,620, as per the Good Returns website. In Chennai, 10 grams of the yellow metal is being procured at Rs 50,460.
The price of the 24-carat purity gold in Kolkata, Mumbai and New Delhi is being purchased at Rs 50,460. However, in Chennai, the same quantity of 24-carat gold is costing Rs 51,620 on Tuesday.
While in Nashik and Patna, 10 grams of 22-carat gold is being sold at Rs 46,150 on Tuesday. The same quantity of 24-carat purity is being sold at Rs 50,350 in Nashik and Patna, while in Chandigarh, 10 grams of 24-carat gold is priced at Rs 50,500.