The impact of the ongoing war between Russia and Ukraine is also being seen on the global markets. Amidst the crisis of war, there is a strong jump in the prices of gold in the Indian markets. Talking about the latest prices, the gold futures price has increased by 1.8% to Rs 53,500 per 10 grams. The all-time high price of gold is now just Rs 2700 per 10 grams. In August 2020, gold had reached a record high of Rs 56,200 in the Indian markets. Now the spot price of gold has increased by 1.5% to $ 1,998.37 an ounce in the global markets. On the other hand, if we talk about silver, then the price of silver has jumped 1.5% to Rs 70173 per kg. Spot silver rose 1.7% to $26.09 an ounce.
Along with this, there is also a significant jump in the prices of platinum. The price of platinum has jumped 2.3% to $1,147.19. At the same time, palladium reached a record high. Russia accounts for 40 per cent of the global production of the auto-catalyst metal. It is used by automakers to curb emissions in catalytic converters. If market analysts are to be believed, buying of fresh positions by participants led to the rise in gold futures prices. On the other hand, when it comes to investment, gold and silver have come ahead in the choice of investors in today’s time, but today investors are investing on platinum and palladium. Now slowly people’s interest in Platinum is increasing. Platinum is an industrial metal used in industries ranging from manufacturing and healthcare to jewelry. The highest demand is in the automotive industry. Its availability is less as compared to gold because it is mined less. Investing in Platinum is more challenging than in Gold. Platinum prices fluctuate faster than gold. Experts say that there is a big fluctuation in prices and profits on investment of three to five years. The biggest increase in platinum’s history was seen in 2007-2008 when the price of platinum rose by more than 65%, surpassing that of gold. Palladium prices in the world market started rising from December 2021. Palladium prices have been rising for three consecutive months since January and February. Monthly rise in gold prices in February A new record has been set for the month with silver prices rising by around 8 to 10 per cent in February. The rise in gold and silver prices has also had a positive impact on platinum and palladium prices.