When Russia invaded Ukraine on Thursday, heat felt in the stock market. Both Sensex and NIFT witnessed the biggest downfall since May 2020 when the Covid pandemic made D-Street Industrial trackers say war between Russia and Ukraine along with the possibility of a global economic slowdown and high inflation can trigger a large surge in gold prices and interest rates can increase by Rs 10,000, according to business reports today.
GOLD PRICES LIKELY TO INCREASE
The price of gold strengthened on the purchase of safe-haven along with the US dollar about deepening the risk of geopolitics and fear of severe sanctions on Russia and the possibility of commodity supply disorders.
Tapan Patel, senior analyst at HDFC Securities, said the gold price strengthened with MCX Gold April Futures jumped by 2.25 percent to Rs 51,500 per 10 grams on Thursday Experts say gold prices are expected to touch RS 55,000 this year and RS 62,000 next year, according to current business reports Kunal Shah, Head of Commodity Research in Nirmal Bang, the word gold price is expected to skyrocket to the RS 54,000 test level to RS 55,000 this year and next year, Rs 60,000 to RS 62,000 So, on average, gold will rise at least Rs 10,000 in the next two years, Shah was quoted by business today.
OVER 90 PER CENT STOCKS IN RED
In the midst of heavy selling pressure in the global equity market, more than 90 percent of the shares, traded at BSE Sensex, closed in red on Thursday 3,478 shares are traded today at BSE Sensex. Of the total, 3,161 shares were held as Sensex down 4.72 percent or 2,702 points.
All 30 components in the sensex package ended in red. BSE Realty Index witnessed the biggest decline at 7.27 percent among sectors. BSE Auto, Telecom, Bankex, Oil & Gas, and Power also lost more than 5 percent. Other sectoral indices are cracked between 3 percent and 5 percent Indusind Bank, Mahindra & Mahindra, Bajaj Finance, Axis Bank and Tech Mahindra are Top Lambgards. Tata Steel, Maruti Suzuki, HDFC Bank, Bajaj Finserv, Ultratech Cement, Wipro, Cat Asia, Bank Negara India and ICICI Bank also slipped more than 5 percent.
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