Gold surges by Rs 429 to Rs 50,577 per 10 grams

The escalation in the Ukraine crisis may support gold prices for short term. Gold prices may remain volatile reacting to the development on Russia-Ukraine talks on Monday, Patel said.

Gold prices rose by Rs 429 to Rs 50,577 per 10 grams in the national capital on Monday due to inflation worries after Western countries ramped up sanctions on Russia for invading Ukraine, according to HDFC Securities.

The yellow metal had closed at Rs 50,148 per 10 grams in the previous trade.

Silver also zoomed by Rs 775 to Rs 65,557 per kg on industrial demand, from Rs 64,812 per kg earlier.

''Gold prices rose in line with gains in COMEX gold. Gold prices traded higher on inflation worries after Western countries imposed sanctions on Russia including exclusion from SWIFT transaction system,'' said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

''The US bond yields declined to 1.90 per cent boosting buying in gold. The escalation in the Ukraine crisis may support gold prices for short term. Gold prices may remain volatile reacting to the development on Russia-Ukraine talks on Monday,'' Patel said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)