Gold Prices Today: Yellow metal to remain range-bound amid volatile dollar, Russia-Ukraine war

Gold Prices Today: Yellow metal to remain range-bound amid volatile dollar, Russia-Ukraine war

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Gold prices fell on March 22 in the international markets as the US Treasury yields hit fresh multi-year highs following Federal Reserve chair Jerome Powell's aggressive inflation stance, while safe-haven bullion remained underpinned by escalation in the Ukraine crisis. Spot gold was down 0.2 percent at $1,931.84 per ounce. US gold futures were flat at $1,930.20.

On the Multi-Commodity Exchange (MCX), gold contracts were up 0.36 percent at Rs 51,843 for 10 gram at 9:17am and silver gained 0.63 percent at Rs 68,780 a kilogram.

Gold and silver prices started with mild gains on fears that the Russia-Ukraine war would continue for some more days. The precious metals also coughed the safe-haven demand after the European Union considered a ban on Russian crude oil. Gold and silver also received support from a weakness in global equity markets due to the war and a spate in coronavirus cases.

Higher commodity and energy prices continue to push inflation higher and cap gains on global economic growth. Despite Federal Reserve Chairman Jerome Powell’s more hawkish tone on monetary policy, adding that it could use bigger-than-usual interest rate hikes if needed.

"Precious metals are showing strength due to inflation and growth concerns," said Rahul Kalantri, VP