Gold price surges over ₹3,000 in the last 10 days as investors rush to buy safe haven asset amid volatile

• Gold is the most sought-after asset owned by investors in the last few weeks after a huge crash in stock markets because of Russia's Ukraine invasion.
• The yellow metal is considered a safe haven when there are rising uncertainties that impact all investments except this one.
• Following the high demand, gold price for 24 carat gold surged 6.5% in the last 10 days.

In the last few weeks, gold has become the most approachable asset for most investors considering other investment options including the equity markets are facing one of the biggest dips in history.

Usually gold is considered a safe haven amid uncertainties and is said to be the best hedge against inflation.

And inflation is expected to remain elevated as the war between Russia and Ukraine has made things worse for the entire world in terms of shortage of supply in essential commodities like crude oil prices, vegetable oil, metals and so on.

Following the high demand, gold price for 24 carat gold surged 6.5% to ₹53,890 in the last 10 days in Mumbai while that of 22 carat gold rose to ₹49,400 per 10 grams.

“The benchmark indices are on massive selling due to an escalation of war by Russia, which is not only impacting the gold and crude but overall commodities prices worldwide. New sanctions against Russia have triggered huge jumps in gold and crude prices. In this scenario when the economies were already struggling to keep the pace of recovery, the fears of stagflation also started to creep in, with concerns over high commodity prices impacting inflation and slowing growth. All these factors are impacting the markets worldwide and investment outflows,” said Ravi Singh, vice president and head of research at Share India.
Further, on Multi Commodity Exchange of India (MCX), gold prices rose 1.21% to ₹54,166 per 10 gram on March 8.

Safe heaven is showing more happiness in near term. $XAUUSD i.e., Gold has shown "Cup and Handle" formation on MONTHLY time frame. Pattern could have probable breakout if it closes above $2020 for 3 days. On the ground level, intensifying war between #Ukraine and #Russia, would make people to run for safe investments which is Gold always! I think we are going to see new high soon ! Stay Bullish with SL 1846 and target 2450/22690/2790

— (@Kushghodasara) March 08, 2022

SEE ALSO: RBI rolls out UPI for feature phones — you will no longer need a smartphone or internet to make payments digitally
Amid a highly volatile market, here is an outlier stock that surged 9%