Russia invades Ukraine: Gold prices may go up by Rs 10,000 in 2 years
India Today
Experts said gold prices are expected to touch Rs 55,000 this year and Rs 62,000 next year.
As Russia invaded Ukraine on Thursday, the heat was felt on the share market. Both the Sensex and Nift witnessed the biggest fall since May 2020 when the Covid pandemic spooked D-Street.
Industry trackers have said the war between Russia and Ukraine along with the likely slowdown in the global economy and high inflation may trigger a major spike in gold prices and rates could increase by Rs 10,000, according to a Business Today report.
Gold prices rallied on safe-haven buying along with the US dollar on deepening geopolitical risks and fears of severe sanctions on Russia and possible disruption of supplies of commodities.
Tapan Patel, Senior Analyst (Commodities) at HDFC Securities, said gold prices rallied with MCX Gold April futures surging by 2.25 per cent to Rs 51,500 per 10 grams on Thursday.
Experts said gold prices are expected to touch Rs 55,000 this year and Rs 62,000 in next year, according to the Business Today report.
Kunal Shah, Head of Commodities Research at Nirmal Bang, said gold prices are expected to rocket towards test levels of Rs 54,000 to Rs 55,000 this year and in next year, Rs 60,000 to Rs 62,000.
So, on an average, gold will go up by at least Rs 10,000 in the next two years, Shah was quoted as saying by Business Today.
