Russian President Vladimir Putin said that Russia-Ukraine talks have made positive progress, although no details were provided, which still caused gold futures to fall, falling below 2,000 an ounce again on Friday (11th). Dollarthis week’s gain narrowed to 0.9%.
- Gold futures for April delivery fell 15.40 Dollaror 0.8% at 1985 per ounce Dollar. The futures closed at 2043.30 on Tuesday Dollar19-month high of 2069.40 from August 6, 2020 DollarThe all-time high is not far off.
- Gold futures rose 0.9% this week, according to FactSet data.
The Russian-Ukrainian war is about to enter its third week, and Archyde.com reported that Putin said there had been some progress in talks between Russia and Ukraine after meeting Belarusian President Alexander Lukashenko in the Kremlin on Friday. “Our negotiators told me that there were some positive shifts, and I’ll talk about it later,” he said.
However, Russian Foreign Minister Sergei Lavrov and Ukrainian Foreign Minister Dmytro Kuleba held their most high-level talks in Turkey on Thursday since the conflict erupted, without any breakthrough.
“The geopolitical risk premium for gold is fading reasonably fast,” said Stephen Innes, managing partner at SPI Asset Management. “But the biggest unknown at hand will be the long-term impact of higher commodity prices,” as various sanctions on Russia continue Interfere with the supply chain.
Gold prices pared losses after the U.S. and allies announced that they would withdraw Russia’s “most-favored-nation” status. The move by Western countries means that Russian imports will face higher tariffs.
“It’s been another volatile week for gold,” said Lukman Otunuga, manager of market analysis at FXTM. “Gold remains highly sensitive to geopolitical uncertainty in Ukraine, not only that, but also about rising inflation and economic growth. Themes such as doubts also added volatility.”
Analysts expect gold to remain bullish, albeit with ups and downs along the way. High inflation in the United States and the European Union still has investors wary of fears that price pressures have not yet peaked.
The United States announced this week that the annual growth rate of the consumer price index (CPI) in February reached 7.9%, the fastest growth rate since January 1982, and the monthly growth rate also climbed to 0.8%. Worryingly, the report does not factor in the surge in raw materials that followed Russia’s invasion of Ukraine.
The United States announced on Friday that the Michigan consumer confidence index in March was 59.7, a sharp drop from 62.8 in February, and consumers’ inflation expectations for the next year rose to the highest since 1981, from 4.9% in February to 5.4. %.
Other Metal Commodities Trading
- Silver futures for May delivery fell 10 cents, or 0.4%, to settle at 26.16 an ounce Dollarrose 1.4% this week.
- Copper futures for May delivery fell 0.6% to settle at 4.626 a pound Dollardown 6% this week.
- Platinum futures for April delivery fell 0.6% to settle at 1088.60 an ounce Dollardown about 2.5% this week.
- Palladium futures for June delivery fell 4.2% to settle at 2796.80 an ounce Dollar, down 6% this week. Palladium futures closed at an all-time high on Friday (March 4).