As a result of Russia’s invasion of Ukraine, gold prices are expected to rise by Rs 10,000 in the next two years

The stock market was sparked by Russia’s invasion of Ukraine on Thursday. Both the Sensex and the Nift have dropped the most since the Covid epidemic frightened D-Street in May 2020.

According to a Business Today report, the war between Russia and Ukraine, as well as the probable recession in the global economy and high inflation, might cause a big jump in gold prices, with rates rising by Rs 10,000.

GOLD PRICES ARE LIKELY TO GO UP

On rising geopolitical uncertainties and fears of severe sanctions on Russia and possible disruptions in commodity supplies, gold prices surged alongside the US dollar on safe-haven purchasing.

Gold prices surged on Thursday, according to Tapan Patel, Senior Analyst (Commodities) at HDFC Securities, with MCX Gold April futures soaring 2.25 percent to Rs 51,500 per 10 kilos.

According to a Business Today article, gold prices are anticipated to reach Rs 55,000 this year and Rs 62,000 next year.

Gold prices are projected to soar to test levels of Rs 54,000 to Rs 55,000 this year, and Rs 60,000 to Rs 62,000 next year, according to Kunal Shah, Head of Commodities Research at Nirmal Bang.

As a result, according to Business Today, gold will rise by at least Rs 10,000 on average over the next two years.

STOCKS IN RED MAKE UP OVER 90% OF THE TOTAL

More than 90% of equities on the BSE Sensex closed in the red on Thursday, owing to severe selling pressure in the global equity market.

On the BSE Sensex today, a total of 3,478 stocks were traded. As the Sensex plunged 4.72 percent or 2,702 points, 3,161 stocks tanked out of the total.

The Sensex pack’s 30 components all ended in red. Among the sectors, the BSE Realty index fell the most, by 7.27 percent. The BSE Auto, Telecom, Bankex, Oil & Gas, and Power sectors all fell more than 5%. Other sectors indices fell between 3% and 5%.

Top laggards were IndusInd Bank, Mahindra & Mahindra, Bajaj Finance, Axis Bank, and Tech Mahindra. Tata Steel, Maruti Suzuki, HDFC Bank, Bajaj Finserv, UltraTech Cement, Wipro, Asian Paints, State Bank of India, and ICICI Bank all had their stock prices fall by more than 5%.