Gold saw a massive move to new record highs above $2,070 an ounce as markets priced in America's ban of Russian oil and other energy imports.
The precious metal powered to new record highs of $2,078.80 an ounce, up more than 4% Tuesday, driven by safe-haven and inflation-hedge buying. April Comex gold futures were last at $2,075.30, up $80 on the day.
In India, the 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.
Further, on the Multi Commodity Exchange of India (MCX), gold prices rose 1.21% to ₹54,166 per 10 gram on March 8.