Today's gold prices: The Russia-Ukraine situation has pushed yellow metal prices up, but the market is likely to remain turbulent in the near term.

  • Feb. 24, 2022, 11:18 a.m.

Gold prices rose on February 24 in the international markets towards a nine-month high hit earlier this week, as investors sought refuge in safe havens after Russia ordered military action on Ukraine this morning and the West imposed more sanctions on Moscow.

At the Multi-Commodity Exchange (MCX), gold contracts jumped by 1.88 percent at Rs 51,328 for 10 grams at 9.46 a.m. and silver spiked 2.05 percent to trade at Rs 65,910 a kilogram.

COMEX gold trades 1 percent higher at near $1930/oz after a 0.4 percent gain yesterday. Gold has edged up on safe haven buying as Russia-Ukraine tensions intensified with the US warning of an imminent attack and imposing fresh restrictions on Moscow. ETF inflows also show buying interest in the metal.

However, weighing on the price are gains in the US dollar and expectations of monetary tightening by the Fed.

Gold may remain volatile as market players respond to developments relating to Russia. Unless there are serious efforts to resolve the issue, safe haven buying may keep prices supported, said Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities. 

Trading Strategy

Manoj Kumar Jain of Prithvi Finmart Commodity Research

Gold and silver prices extended gains after rising conflicts between Russia and Ukraine. Both the precious metals settled on a positive note in the international markets on Wednesday. We expect both the precious metals to continue to show strength in upcoming sessions. Gold prices could test $1935 per troy ounce levels and silver could test $25 per troy ounce levels. The yellow metal has support at $1900-1888 per troy ounce and resistance at $1922-1935 per troy ounce, while silver has support at $24.30-24.00 per troy ounce and resistance at $24.84-25.10 per troy ounce. 

At MCX, gold has support at Rs 50100-49920 and resistance at Rs 50600-50850, while silver has support at Rs 64220-63800 and resistance at Rs 64950-65500. We suggest buying gold on dips around Rs 50100 with a stop loss of Rs 49900 on a closing basis for a target of Rs 50800 and silver around Rs 64200 with a stop loss of Rs 63600 on a closing basis for a target of Rs 65200.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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