Gold Price Hike: Gold price rises sharply after Russian forces invade Ukraine

Russia has started a war with Ukraine. It's global repercussions of this war are now being felt. Russia launched missile strikes on Ukraine.It's explosions could be heard in many cities. Russia's action has been met with sanctions by Western nations. But globally, many countries are likely to be affected by this war. In the bullion market, gold prices rose to Rs 51,000 and silver to Rs 66,000. The war between Russia and Ukraine has led to a huge increase in gold and silver prices. The price of 10 grams of gold has risen by Rs 1370 to Rs 51,419. Silver, on the other hand, was trading at Rs 66,501 per kg. These rates are currently available on IBJA's website. At the close of trading on Wednesday evening, gold was trading at Rs 50,049. The price of 22 carat gold is 47,100.

According to the spot rate released by the India Bullion Association on Thursday, 24 carat pure gold rose by Rs 1370 per 10 grams and opened at Rs 51419 against the market close on Wednesday. If 3% GST is added to it, it will be around Rs. 52961. At the same time, silver rose by Rs 2298 to Rs 66501. After adding GST, it will be Rs 68496 per kg.

The stock market plummeted on Thursday morning as Russia began the war with Ukraine. Investors withdrew money from the market. As a result, the stock market plunged by 2,000 points. The Nifty fell by 580 points. This has caused a loss of about Rs 5 lakh crore. The war in Russia and Ukraine will hit the world economy hard. Shares of SBI, Reliance, HDFC Bank, ICICI Bank, Tata Steel and TCS all fell sharply.