There seems to be no respite from the ongoing Ukraine crisis as the high level talks between the two nations remained inconclusive yet again. The impact was visible on the precious metal prices which gained in the international markets on March 10 as investors again become risk averse and moved to the safer asset class.
The failure in talks also melted the global equity markets which ended with losses. The ever worsening US inflation also aided the shift towards precious metals.
April Gold futures contract settled at $2000.40 per troy ounce with a gain of 0.61% and May Silver futures contract closed at $26.26 per troy ounce with a gain of 1.69%.
In the domestic markets also, both the precious metals ended the day with marginal gains. April Gold futures contract on the Multi-Commodity Exchange (MCX) settled at Rs 53,239 per 10 grams with a gain of 0.94 percent and May Silver futures contract closed at Rs 70,471 per kilogram with a gain of 1.29 percent.
On MCX, gold futures opened with a loss of 0.1 percent at Rs 53,089 per 10 gram on March 11 and silver was down 0.5 percent at Rs 70,038 per kilogram.