In the domestic market, gold prices have increased for the second day in a row today. On Thursday, the April futures gold on the Multi Commodity Exchange gained 0.14 percent. Silver, however, has lost its lead. In early trading, May futures silver has increased by 0.15 percent, but after that, it has decreased. Silver futures on MCX are currently down 0.12 percent.
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Gold rose 0.8 percent in the previous session, while silver gained nearly 0.9 percent. The yellow metal reached a high of Rs 55,600 earlier this month amid the Ukraine crisis.
On the global markets, gold was steady at $ 1,943.75 an ounce today. Meanwhile, oil prices have increased again following reports that US President Joe Biden and other European leaders imposed new sanctions against Russia. Silver rose 0.1 percent to $25.08 an ounce, while platinum declined 0.3 percent to $1,016.99.
Gold Silver Price on 24 March 2022
Gold futures prices rose by Rs 73 to Rs 51,840 per 10 grams on Thursday on the Multi Commodity Exchange. Meanwhile, May futures silver fell by Rs 81 to Rs 68,183 per kg.
In Brussels, Vice President Joe Biden will take part in meetings about the NATO-led coalition’s response to the conflict in Ukraine that began on February 24. A rise in crude oil prices and weak stock markets led to a slight rise in gold and silver prices. While the Russo-Ukrainian conflict continues, not much has changed from a market perspective. The US president met with leaders of NATO and the European Union on Thursday to discuss the Russian invasion of Ukraine.
As a result of the Ukraine war and ensuing sanctions, commodity prices and inflation have risen, resulting in rapid monetary tightening from some central banks. According to Bloomberg, gold-backed exchange-traded funds are holding their highest levels in more than a year. On Wednesday, SPDR Gold Trust stock rose 0.4% to 1,087.66 tonnes, its highest level since February 26, 2021.
Over the past 11 months, gold imports have increased
Gold imports are up 73 percent to $ 45.1 billion in the first 11 months of the current financial year. Gold imports have increased because of high demand. The imports of precious metals, however, dropped by 11.45 percent to $4.7 billion in February 2022. During the first 11 months of the current fiscal year, gold imports increased the country’s trade deficit. During the first 11 months of the fiscal year 2021-22, the trade deficit increased to $176 billion, up from $89 billion during the same period of the previous year.