Russia continued to shell Ukrainian cities the next day after it said it would significantly scale back its military operations, raising questions about the possibility of a ceasefire between Russia and Ukraine. Coupled with the help of the depreciation of the dollar, gold futures closed up more than 1% on Wednesday (30th), which is four. It rose for the first time in a trading day, and silver, copper, platinum and palladium rebounded one after another.
- Gold futures for June delivery settled up $21, or 1.1%, at $1,939 an ounce.
- Silver futures for May delivery gained 38 cents, or 1.5%, to settle at $25.113 an ounce.
Russia-Ukraine talks were supposed to make a breakthrough on Tuesday, when Russia’s deputy defense minister said that military operations near the Ukrainian capital Kyiv and the northern city of Chernihiv would be drastically reduced, a remark by Russian negotiator May. Vladimir Medinsky described it as constructive.
But that optimism was quickly clouded, with Kremlin spokesman Dmitry Peskov on Wednesday saying the talks between Russia and Ukraine in Turkey did not represent a turning point in the conflict. Volodymyr Zelensky and U.S. officials also raised questions about the withdrawal.
The White House said Russia had moved a small number of troops from around Kyiv, but it was more like a redeployment than a withdrawal or withdrawal from the war.
Russian troops continued shelling on the outskirts of Kyiv and Chernihiv on Wednesday, and Moscow said the deployment around Kyiv was a “redeployment” in preparation for operations in the Donbas region of Udon. In addition, Russian President Vladimir Putin’s ally and Chechen leader Ramzan Kadyrov assured Ukrainian pro-Russians that “there will be no retreat of any kind. Medinsky somehow got it wrong.”
Kinesis Money market analyst Rupert Rowling said that judging from the U.S. stock market’s blackout on Wednesday, investors are still reluctant to fully invest in risk assets and choose to continue to seek shelter from gold and other assets, but wait until investors believe that the negative impact of the war has been fully reflected in prices In the middle, such as the continuation of the peace talks, the focus will return to inflation and the general economic situation.
He said that although gold has benefited from the Russian-Ukrainian conflict, once this “fear trade” reverses, and then considers the general environment factor of the central bank raising interest rates, it will make gold fall out of favor.
Gold pared some of its gains after U.S. jobs data. Private payrolls rose by 455,000 in March, beating consensus estimates of 450,000, according to U.S. payroll data provider ADP.
The U.S. Commerce Department announced on Wednesday that gross domestic product (GDP) grew at an annualized rate of 6.9 percent in the fourth quarter of last year, and the annual GDP growth rate was 5.7 percent, the largest increase since 1984. The Commerce Department report showed U.S. corporate profits climbed to a record high in the fourth quarter, with adjusted pretax earnings of $2.94 trillion, up 0.7 percent on an annualized basis from the third quarter.
The ICE U.S. Dollar Index (DXY) slumped 0.6 percent to a fresh near two-week low, suggesting gold is cheaper for buyers with non-dollar holdings.
Other Metal Commodities Trading
- Copper futures for May delivery rose 0.4% to settle at $4.751 a pound.
- Platinum futures for July delivery rose 2.3% to settle at $1,001.20 an ounce.
- Palladium futures for June delivery rose 6.2% to settle at $2,243.10 an ounce.
