Gold prices hit a new high on the Indian commodities exchange, MCX, surpassing the Rs 54,000 level.

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MCX Gold April contract was trading at a 19-month high of Rs 54,190 as the investors rush for the safe-haven investments due to the uncertainties over the Russia-Ukraine war. The yellow metal has increased by 12.67 percent year-to-date on MCX.

MCX Silver May contract gained more than 2 percent to trade at Rs 71,480. In the international market, COMEX, gold was trading 1.37 percent higher at $2,023 at 12:54 am (IST).

"For today traders can buy gold around Rs 53,100 to Rs 53200 levels with the stoploss of Rs 52,700 levels for the target of 53800 levels," said Anuj Gupta, VP-Research at IIFL Securities.

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"They can also go for buy silver around Rs 69,300 to Rs 69,500 levels with the stoploss of Rs 68,000 for the possible target of RS 71,500 levels." "Gold may test $2020 and silver may test $27 very soon."

Geopolitical tension coupled with higher crude prices are the major factor for safe haven demand of precious metals, he said.

On Monday, MCX gold prices increased by 1.82 percent and closed at Rs 53,517 levels and touched the high of Rs 54,010 levels. In the spot market, it touched the high of $2002.50 per ounce.

MCX Silver prices also increased by 1.17 percent and closed at 69,969 levels. In the spot market, it closed at $25.62 levels.

Indian equities markets also continued to fall on Tuesday due as investors prefer precious metals over stocks.

The US stock markets on Monday ended in the red as the geopolitical crisis in eastern Europe stoke inflation fears.

(Edited by : Bivekananda Biswas)

First Published:Mar 8, 2022 1:11 PM IST