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With the geopolitical crisis between Russia and Ukraine escalating, the price of yellow metal touched Rs 53,400 per 10 grams in Ahmedabad. Yellow metal has been hovering above the Rs 53,000-mark over the past three days.
"Tensions have intensified following fears over nuclear attack on Ukraine. Meanwhile, investors are keenly waiting for more cues from the US Fed over the interest rate hikes.
Both these factors together caused the gold prices to soar as gold is considered as a hedge against inflation as well as economic and political uncertainties," said an Ahmedabad-based bullion trader.
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