The weaker dollar has provided a level of support for gold

US stock markets: U.S stocks rose yesterday, with the Dow and S&P notching their fourth straight session of gains, on optimism some progress was being made toward a deal to resolve the conflict between Russia and Ukraine. 

Russia pledged to cut down on military operations around Kyiv and in northern Ukraine, while Ukraine proposed adopting a neutral status, the first sign of progress toward peace in weeks. Prices eased for oil and other commodities, helping calm concerns about rising inflation and the path of monetary policy by the Federal Reserve, which has started hiking interest rates to combat rising prices. 

If you look over the course of the month this war has been going on, the market has priced in much more bad news than good news. It certainly shows the market has a naturally coiled spring that will be a reaction function to any good news and we saw a bit of that this morning, but everything will have to be taken with a grain of salt and we will have to see things actually play out versus being actually talked about.

Economic Calendar

Dow Jones Industrial Average

The Dow Jones Industrial Average rose 0.97% to hit a new 1-month high. The best performers of the session were Visa Inc. Class A, which rose 3.33% or 7.35 points to trade at 228.12 at the close. Meanwhile, Nike Inc. added 3.21% or 4.33 points to end at 139.14 and Boeing Co was up 3.00% or 5.64 points to 193.80 in late trade. The worst performers of the session were The Travelers Companies Inc., which fell 1.58% or 2.95 points to trade at 183.81 at the close. Chevron Corp declined 1.22% or 2.03 points to end at 164.32 and UnitedHealth Group Incorporated was down 0.48% or 2.47 points to 510.73.

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NASDAQ 100

The NASDAQ index gained 1.84%. The top performers were IGM Biosciences Inc. which rose 96.73% to 29.49, PhaseBio Pharmaceuticals Inc. which was up 46.09% to settle at 1.68 and China SXT Pharmaceuticals Inc. which gained 45.40% to close at 0.29. The worst performers were NeoGenomics Inc. which was down 29.79% to 12.49 in late trade, Aveanna Healthcare Holdings Inc. which lost 26.72% to settle at 3.95 and Stryve Foods Inc. which was down 24.81% to 1.50 at the close.

Oil price - Crude Oil market, Brent Oil market

Oil prices ended 2% lower as talks progressed between Russia and Ukraine to end their weeks-long conflict, though Moscow negotiators said a promise to scale down some military operations did not represent a ceasefire. 

Further weighing on oil futures, new lockdowns in China to curb the spread of the coronavirus prompted concerns that fuel demand could take a hit. U.S crude was down 1.6%, at $104.24. Ukrainian and Russian negotiators met in Turkey for the first face-to-face discussions in nearly three weeks. The top Russian negotiator said the talks were "constructive." 

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Russia promised to reduce its military operations around Kyiv and northern Ukraine; Ukraine proposed the adoption of neutral status but with international guarantees that it would be protected from attack. Oil came off session lows when Moscow's lead negotiator cautioned that Russia's promise to decrease military operations did not represent a ceasefire and a formal agreement with Kyiv had a long way to go.

Precious and Base Metals - Gold price, Silver price, Palladium price

Gold prices rose today, supported by a dip in the U.S dollar and Treasury yields, though signs of progress in Russia-Ukraine peace talks dented the metal’s appeal as a safe haven and kept gains in check. Spot gold was up 0.2% at $1,922.65 per ounce after the metal hit its lowest since Feb. 28 on hopes for a negotiated end to the Ukraine conflict. 

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U.S. gold futures rose 0.6% to $1,928.80. City Index senior market analyst Matt Simpson said investors remain wary of Russia’s intentions following its pledge to scale down “military operations” around Kyiv and another city. Ukraine reacted with skepticism, and some Western governments fear Moscow's aims to intensify its offensive in other parts of the country.

Simpson said gold benefitted from both currency and bond market trends. The dollar index held near a more than one-week low hit in the previous session, making gold less expensive for other currency holders. U.S benchmark 10-year yields also slipped from near three-year highs, and lower yields decrease the opportunity cost of holding non-yielding bullion. 

Crypto Crusher

The weaker dollar has provided a level of support for gold. Bond prices bounced from a key level of support yesterday which helped push yields lower despite the supposed risk-on rally seen across equities. And that’s provided another pillar of support for gold. Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, slipped 0.2% to 1,091.44 tonnes on Tuesday. Spot silver rose 0.3% at $24.83 per ounce and platinum was up 0.1% to $983.78. Palladium fell 0.5% to $2,137.78, after dipping to a more than the two-month low of $2,032.97 in the last session. 

The auto-catalyst metal has tumbled nearly 40% since scaling an all-time peak on March 7 as supply concerns from Russia eased.

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Traditional Agricultures - Corn futures, Wheat futures,  Soybean futures

Wheat futures fell four percent and corn fell nearly three percent yesterday as comments by Russia and Ukraine following negotiations in Turkey raised hopes of a ceasefire in a conflict that has disrupted massive grain exports through the Black Sea region. The wheat market has been particularly turbulent since Russia invaded Ukraine on Feb. 24. Both countries are major wheat exporters, while Ukraine is also a significant global corn supplier.

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