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Rush for safe haven investments during the ongoing market volatility triggered by the Russia-Ukraine conflict is expected to keep global gold and silver prices at elevated levels.

Besides, sanctions on Russia, which is a major producer of gold, is expected to reduce supply. A sell-off in equity markets by FIIs has also triggered a rush for these safe haven options.

Last week, inflationary fears on the back of Russia-Ukraine conflict pushed gold price to Rs 55,000 per 10-gram.

At present, global gold price has stabilised above $1,990 per ounce. On the domestic front, the price has reached the Rs 53,000 per 10 gram-mark.

Global silver price is also expected to range from $24.70 to $27.50 per ounce.

In the domestic market, silver is expected to range between Rs 65,000 and Rs 74,000 per kg.

"Gold and silver prices have already witnessed safe haven buying on geopolitical risk. We can see some pull back from recent highs as both the sides are looking for diplomatic solutions," said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

"However, the inflation concerns from higher oil price and Russia sanctions effect may keep precious metals prices up in the near term. Spot COMEX gold prices are expected to trade within the range of $1,970 - $2,075 per ounce while MCX Gold prices may see the range of Rs 51,500 - Rs 55,300 per 10 gram," Patel added.

According to Anuj Gupta, Vice President, Research, IIFL Securities: "We are expecting gold price to test Rs 55,000 to Rs 57,000 levels in the short term. We are also expecting silver price to test Rs 78,000 to Rs 80,000 levels in the domestic market within next six months."