Russia Ukraine crisis: Gold, silver and other metal prices on February 28, 2022
- Gold futures were trading at Rs 50,983.00 per 10 gm, up 762 points or 1.52%
- Silver futures were trading at Rs 65,915.00 per kg, up 1,010.00 points or 1.56%
- Platinum was trading at $1,058.05 while palladium was trading at $2,495.12
Gold prices increased in international markets on February 28, levelling out following a tumultuous session, as investors reviewed the circumstances surrounding Russia’s invasion of Ukraine and Western sanctions imposed on Moscow.
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Gold prices on the Multi Commodity Exchange (MCX) increased marginally on Monday, February 28, 2022. Gold futures were trading at Rs 50,983.00 per 10 gm, up 762 points or 1.52%, in the Indian market. Silver futures were trading at Rs 65,915.00 per kg, up 1,010.00 points or 1.56%.
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In global markets, gold was priced at $1,906.65 per oz. Platinum was trading at $1,058.05 while palladium was trading at $2,495.12.
In the spot market, the 22-carat gold was sold at Rs 49,450 per 10 grams while silver was priced at Rs 65,174 per kg on Friday according to the Indian Bullion and Jewellers Association.
Gold is often used as a hedge against inflation and as a means of preserving wealth during times of financial and political uncertainty.
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In India, the latest tranche of sovereign gold bonds will open for subscription today and close on March 4. The issue price of Sovereign Gold Bond Scheme 2021-22 – Series X has been fixed at Rs 5,109 per gram of gold. The RBI issues the bonds on behalf of the Government of India while the minimum permissible investment is 1 gram of gold.
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In Delhi, Kolkata and Mumbai, 24-carat gold is selling at Rs 50,560. The price of 22-carat gold in these cities is Rs 46,340.
In Chennai, 24-carat gold is selling at Rs 51,690. The price of 22-carat gold is Rs 47,370 in Chennai.
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In Chennai, the price of 1 kg of silver is Rs 69,000. In Delhi, Kolkata and Mumbai, the price is Rs 64,100.
Copper futures were trading at Rs 773.45 up 0.88% while Nickel and Aluminium futures were trading at Rs 1,894.00 and Rs 281.45 per Kg respectively on MCX.
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