There has been a steep rise in the commodities market, the price of gold has risen by Rs 1400 to reach almost Rs 54,000 for 10 grams on the Multi-Commodity Exchange (MCX). On the other hand, the price of silver has spiked by Rs 2100 to reach Rs 71,200 per kg.

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Palladium shot to an all-time high as Russia`s invasion of Ukraine and resultant sanctions stoked fear of scarcity, while gold tested the psychological $2,000 mark in response to demand for safe-haven assets, as per a Reuters report. Spot gold gained 1% to $1,988.46 per ounce, after scaling its highest since Aug. 19, 2020 at $2,002.31 earlier in the session. U.S. gold futures rose 1.3% to $1,991.30.

Here is a Zee Business report on the experts' take on the rising gold prices:

Surendra Mehta, Secretary,  India Bullion and Jewellers Association (IBJA)

On being asked whether the rising price of gold will stop or if it will continue to rise, Surendra Mehta, Secretary, IBJA said,  "Earlier, I said that inflation is going to be a concern and due to inflation, the price of gold can be $2150. Now, the geopolitical tensions have come up with inflation, there are sanctions on Russia and the crude oil prices are rising. Also, the Indian markets are volatile and gold is not receiving any support."

"With all these scenarios, I do not feel that the rising prices of gold is going to stop soon," he added. He further said, "Even if the war stops then the inflation will continue and if it does then the rising prices of gold will continue,"

Mehta also pointed out that his target for gold will be $2013 and if it crosses this target then the next target will be $2036.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)