Gold Futures gained nearly 1 per cent on the Multi Commodity Exchange (MCX) on Tuesday. Global markets rallied after Russian President Vladimir Putin, late on Monday, ordered troops to eastern Ukraine that triggered fears of a military conflict in Eastern Europe.
MCX Gold April contract opened with gains of Rs 383 at Rs 50,461 per 10 grams, against the previous close of Rs 50,078. Silver futures, too, gained tracking overall bullish sentiment in the bullion pack. The March contract opened up Rs 608 at Rs 64,323 a kg against earlier pclose of Rs 63,591.
Comex Gold opened above $1900, and scaled further up to make an intra-day high of $1918.3 in the initial trades.
CME Gold April Futures gained strength amidst geopolitical tensions in Eastern Europe. The yellow metal opened at $1903.5 oz (a troy ounce is equal to 31.1 grams) on Tuesday. The prices further scaled up to an intra-day high of $1918.3, hitting the highest levels since May 2021.
Gold has moved up by over $100 since the start of February, rising from $1801 on February 1, rising to $1918.3 on Tuesday as war risks lingered.
Comex Silver opened at $24.060 an oz on Tuesday, nearly flat from previous close.
The CME March contract maintained an uptrend for the fourth straight session hitting an intra-day high of $24.245 during the day.
MCX Gold Futures tracked overall strength in the global bullion markets. The April contract on MCX made a strong opening on Tuesday to trade above Rs 50,000-level.
The most active April contract was last quoted at Rs 50,487 per 10 grams at 09.17 am up Rs 409 or 0.8 per cent from the previous close. The Open interest for April contract was at 11236 lots.
MCX Silver Futures gained over 1 per cent on Tuesday to trade with strong gains of over Rs 700. The March contract last quoted Rs 64,323 a kg at 09.17 am, up Rs 732 or 1.15 per cent from the previous close of Rs 63,591. The open interest was recorded at 6449 lots in the early trades.
Gold in spot markets regained Rs 50,000 levels on Monday amidst global uncertainty and war crisis. Gold quoted at Rs 50,089 per 10 grams of 999 purity fine gold as quoted by India Bullion and Jewellers Association (IBJA) for afternoon rates Monday.
Spot Silver made marginal advances in the retail markets to quote at Rs 63,661 a kg, according to IBJA.
On Monday night, Russian President Vladimir Putin addressed the nation, announcing independence for the two separatist regions of eastern Ukraine. Putin ordered troops for these regions, rising possibilities of military conflicts with Ukraine and NATO, including the US and Europe.
MCX Gold and Silver Futures are expected to remain on a higher side during the trading session on Tuesday.