Ukraine Applies For Immediate Membership In EU, Gold Rates Increased

International gold prices are on the verge of gaining at present. Investors all over the world are waiting for new developments regarding the Russia-Ukraine geopolitical uncertainties. Recently, Ukraine's President Volodymyr Zelensky has applied for immediate membership in the EU, to hold a strong position against Russia. Ukraine's desire to be a part of the EU has always been one of the major reasons behind the Russia-Ukraine turmoil. Since 2014, these two countries are struggling on this matter. Russia did not want any closeness between the EU and Ukraine, fearing it will restrict Russia's control over the European region.

Ukraine demands that 352 civilians, including 14 children, have been killed due to Russia's attacks since last Thursday. However, Russia is now having diplomatic discussions with Ukraine. Traders are waiting for the outcome, as this will draw the roadmap of upcoming trends in the equity and commodity markets, including gold.

In addition to that, due to rising inflation rates across the globe, the present economic condition in the international picture is quite turbulent now. On the other hand, the USA and EU have imposed economic sanctions on Russia. So, the gold rates and crude rates in the international markets are surging, while the equity markets are under pressure now.

However, on March, the Indian gold rates have fallen by Rs. 300/10 grams. Today, the 22 carat gold prices are quoted at Rs. 46,700/10 grams, and the 24 carat gold rates are quoted at Rs. 51,290/10 grams. In Chennai, gold rates have gained by Rs. 60/10 grams today.

The Comex gold futures surged by 0.83% and were quoted at $1925.10/oz, till last traded. On the earlier day, Comex gold futures closed at $1909.20/oz. The spot gold prices were quoted at $1909.20/oz, falling by only 0.03%, till last traded. On the other hand, the US dollar index in the spot market stood at 96.69, falling by 0.05%. In India, the MCX gold in April future quoted at Rs. 50,815/10 grams, gaining by 1.18%, till last traded.