As markets turn wobbly, gold likely to cross Rs 55K-mark, silver to touch RS 80K

New Delhi, March 13 Rush for safe haven investments during the ongoing market volatility triggered by the Russia-Ukraine conflict is expected to keep global gold and silver prices at elevated levels.

Besides, sanctions on Russia, which is a major producer of gold, is expected to reduce supply. A sell-off in equity markets by FIIs has also triggered a rush for these safe haven options.

Last week, inflationary fears on the back of Russia-Ukraine conflict pushed gold price to Rs 55,000 per 10-gram.

At present, global gold price has stabilised above $1,990 per ounce. On the domestic front, the price has reached the Rs 53,000 per 10 gram-mark.

Global silver price is also expected to range from $24.70 to $27.50 per ounce.

In the domestic market, silver is expected to range between Rs 65,000 and Rs 74,000 per kg.

"Gold and silver prices have already witnessed safe haven buying on geopolitical risk. We can see some pull back from recent highs as both the sides are looking for diplomatic solutions," said Tapan Patel, Senior Analyst

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