As Russia invaded Ukraine, gold prices skyrocketed to their highest level in more than a year, reported Hindustan Times.
In India, the gold price today surged by ₹1,400 , hitting the peak of ₹51,750 per 10 gms in the early morning trade. This comes amid steep fall in the stock market with Sensex down by 1432.50 points and Nifty reporting a slump of 410.70 points at the time of opening. Several Asian stock markets also plunged in the aftermath of the Russian invasion.
The bullion has witnessed a spike amid the increasing standoff between Russia and the West. Economic experts say gold is now being historically seen as a hedge against major economic and geopolitical ructions.
Spot gold jumped as much as 2.1% to $1,949.03 an ounce, the highest level since January 2021, and traded at $1,939.55 at 1:08 p.m. in Singapore, news website Bloomberg reported.
