In India, the gold price rose by 1,400 rupees today, reaching a high of 51,750 rupees per ten gramme in the early morning session. This comes amid a sharp drop in the stock market, with the Sensex down 1432.50 points and the Nifty down 410.70 points at the outset. Following the Russian invasion, several Asian financial markets plummeted.
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The price of gold has risen as tensions between Russia and the West have grown. Gold is now being viewed as a historical hedge against major economic and geopolitical turbulence, according to economic experts.
Full LIVE coverage of Russia’s invasion of Ukraine.
Spot gold rose 2.1 percent to $1,949.03 an ounce, its highest level since January 2021, and was trading at $1,939.55 at 1:08 p.m. in Singapore, according to news website Bloomberg.
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“There appears to be a flight to safety in markets right now, and the only true safe haven appears to be gold, with crypto markets plummeting,” Bloomberg reported, alluding to Bitcoin’s drop to a month low after Putin initiated a military action in the neighbouring country. Following an initial Tass report, the largest token declined as much as 7.4% to $34,783.
Earlier in the day, Russian President Vladimir Putin announced a military action in Ukraine, describing it as a step toward the country’s ‘demilitarisation and denazification.’ Military command centres in Ukraine’s capital Kyiv and Kharkiv have been targeted by missiles, according to sources.
BUSINESS The UN Security Council called an extraordinary meeting to address the simmering tensions in Europe, with UN Secretary-General Antonio Guterres pleading with Putin to end the conflict in the cause of humanity. On the other hand, US Vice President Joe Biden slammed Putin’s proposal, warning him that it would result in a massive loss of life.
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