War not over, but precious metals dip

PRECIOUS metals prices fell at midweek after it was reported Russia would cut back its military operations in Ukraine in order to give peace talks a chance of succeeding.
War not over, but precious metals dip War not over, but precious metals dip War not over, but precious metals dip War not over, but precious metals dip War not over, but precious metals dip

Staff Reporter

Despite a strong market reaction to the news, the war is likely far from over. Bloomberg reports that Pentagon spokesman John Kirby told reporters the US was not ready to call the move a withdrawal or retreat.
 
Gold futures slumped to as low as $1893.20 an ounce on the news, but recovered to $1924.20/oz. Comex gold started the week at around $1965/oz. Spot gold was trading at $1921/oz.
 
Silver also lost more than 1.8%, dropping to below $25/oz. Palladium dropped another 5.8% to $2112.70/oz, the lowest price since January.
 
Among base metals, aluminium lost 4.9%, while nickel dropped another 2.9%.
 
Oil dropped 1.6% to $104.24 per barrel amid the Ukraine news and the Covid-19 lockdown in Shanghai.

 

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