Gold Prices Today: Gold, Silver Rates Surge On Russia-Ukraine Crisis

Gold Price In India: Gold and silver futures traded higher on Thursday, February 17, taking cues from the international spot rates as the Russia-Ukraine conflict pushed demand. On the Multi Commodity Exchange (MCX), gold futures, due for a February 4 delivery, were last seen 0.39 per cent higher at Rs 49,813, compared to the previous close of Rs 49,618. Silver futures due for a March 4 delivery were last seen 0.10 per cent up at Rs 63,364 against the previous close of Rs 63,299.

Domestic spot gold with a purity of 24 carats opened at Rs 49,968 per 10 grams on Thursday, and silver at Rs 63,400 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Foreign Exchange Rates:

Globally, gold steadied near an eight-month high touched earlier this week, as the U.S. dollar and Treasury yields dipped on less hawkish-than-feared Federal Reserve minutes, and as the Ukraine crisis boosted demand for the safe-haven metal. Spot gold held its ground at $1,868.36 per ounce. U.S. gold futures were steady at $1,871.40.

U.S. Fed officials last month agreed that with inflation tightening its grip on the economy and employment strong, it was time to raise interest rates, but also that any decisions would depend on a meeting-by-meeting analysis of inflation and other data, the minutes of the central bank's January 25-26 policy meeting showed.

The dollar eased after the minutes suggested policymakers are not set on a particular pace of interest rate hikes, making gold more attractive to overseas buyers.