Gold Price 15 February: Gold Becomes Expensive
Gold Price 15 February: Gold becomes expensive, silver prices fall, gold at 8-month high amid Russia-Ukraine tensions.
On one hand, where gold became expensive on Tuesday, on the other hand, there was a fall in the price of silver.
Gold prices on Tuesday rose marginally by Rs 32 to Rs 49,619 per 10 grams in the national capital on the back of a correction in global gold prices and a strengthening rupee.
In the previous trade, gold had closed at Rs 49,587 per 10 grams.
On the contrary, silver fell by Rs 440 to Rs 63,474 per kg from Rs 63,914 per kg in the previous trade. The Indian rupee on Tuesday closed 29 paise higher at 75.31 (provisional) against the US dollar.
In the international market, gold was trading 0.5 percent lower at $ 1,861 an ounce. Silver was trading marginally lower at $ 23.65 an ounce.
Gold Price 15 February: Gold at eight-month high amid Russia, Ukraine tensions.
On the other hand, gold prices on the Multi Commodity Exchange (MCX) crossed Rs 50,000 per 10 grams due to safe-haven demand amid tensions in Russia and Ukraine.
According to Reuters, gold prices were near an eight-month high on Tuesday amid tensions between the two countries.
Gold prices hit an almost 8-month high on increased demand from investors for safe-haven assets amid rising geopolitical tensions over Ukraine.
Spot gold rose 0.5 percent to $1,878.93 an ounce, its highest intraday level since June 11. Due to the Ukraine crisis, spot gold has gained about 5 percent in international markets since January 31.
Spot silver rose 0.3 percent to $ 23.91 an ounce and platinum rose 0.1 percent to $ 1,029.
India’s economy will grow at the fastest rate among major countries: Report
The Indian economy will register the fastest growth among the major countries due to various initiatives taken by the government in the Union Budget 2022-23.
This has been said in the monthly economic review report of the Finance Ministry.
According to the report, the agricultural sector is also witnessing steady growth due to the beneficial minimum support price and income transfer through the Pradhan Mantri Kisan Yojana.
The manufacturing and construction sectors will be the main drivers of growth due to PLI schemes and public capital investment in infrastructure, the report said.
