Gold price dips from 18-month high. Good opportunity to buy?

2.28.22 - Ukraine invasion = global stagflation

Gold last traded at $1,903 an ounce. Silver at $24.38 an ounce.

NEWS SUMMARY: Precious metal prices rose Monday on safe-haven buying as high anxiety gripped the markets. U.S. stocks retreated sharply as new global were placed on Russia.

MINT---"After appreciating to its 18-month high on Thursday, Multi Commodity Exchange or MCX gold rate witnessed sharp downside movement on Friday...Spot gold price ended at $1889 levels on Friday after scaling $1975 per ounce levels on Thursday.

According to commodity experts, market has discounted geopolitical tension caused by Russia-Ukraine war and now focus has shifted towards inflation and crude oil price movement. However, they maintained that one needs to keep an eye on Russia-Ukraine news as any military action from NATO can trigger sharp upside move in the yellow metal price....

Speaking on the reason for sharp fall in gold prices across global commodity markets; Anuj Gupta, Vice President at IIFL Securities said, 'Sharp rise in gold price was witnessed after Russian invasion of Ukraine and it seems that market has discounted the Ukraine-Russia war...NATO countries have announced financial support to Ukraine, that means they are in mood to extend moral support to Ukraine instead of military support.'

Echoing with Anuj Gupta's views; Amit Sajeja, Vice President - Research at Motilal Oswal said, 'Focus has now again shifted towards inflation and we need to remain vigilant on crude oil prices, US Fed meeting and expected interest rate hike by various global central banks. As inflation has touched alarming levels, Fed may continue its hawkish stance on interest rate hike. Even though, a 50 bps interest hike won't be enough to contain inflation, but I am expecting US Fed to increase interest rate in upcoming meeting in March.'"