Gold Rates Fall By Rs. 400 In India, On March 23: What's The Trend In Global Markets?

In the international markets today, gold rates are quoted flat compared to yesterday. The Russia-Ukraine geopolitical tensions are going on for the past month and investors are getting accustomed to the consequences in the markets. The commodity markets remained bullish but did not gain sharply today.

Indian gold rates have fallen by Rs. 400 today, on March 23. The 22 carat gold rates are quoted at Rs. 47,350/10 grams, while the 24 carat gold rates are quoted at Rs. 51,670/10 grams.

According to available reports in the international picture, the Russian troops have destroyed a laboratory at Chernobyl nuclear power plant. It works for improving the management of radioactive waste. Russia is getting more aggressive on the war front on Ukraine's soil. Many children are stuck in Ukraine, which is a concerning matter in international politics. Global leaders are having diplomatic discussions on the fact, however, Russia is sticking to its previous tone.

Commodity markets including gold are staying bullish internationally.
Additionally, US President Joe Biden is set to attend an emergency NATO Summit. He will address European Union leaders, and will also hold meetings with the G-7 leaders. In these meetings, the US President is expected to discuss the Russia-Ukraine tensions. Along with the US, the EU and other European countries are trying to combat Russia financially. However, the situation did not improve much.

The high inflation rate in the major economies is another reason, the gold rates are much higher this month than the January-February range. The yellow metal failed to reach the all-time high range recently but went very close to that level. The US Federal Reserve is trying to control inflation by hiking the interest rate by 25 bps. But, investors have realized that it will leave only a little impact on the gold rates.

Today, the Comex gold futures were quoted at $1922.60/oz, gaining by 0.50%, till last traded. Yesterday it was last quoted at $1921.50/oz. The spot gold prices are quoted at $1923.20/oz, gaining by 0.03%, till last traded. On the other hand, the US dollar index in the spot market stood at 98.60 gaining marginally by 0.08%. In India, the MCX gold in April future quoted at Rs. 51,420 grams, gaining by 0.08%, till last traded.