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What You Need To Know Right Now on Russia – Ukraine & Gold: April 15, 2022

What You Need To Know Right Now on Russia – Ukraine & Gold:

Gold eased on previous session and touched $1,960 mark amid Russia – Ukraine conflicts and supportive U.S. Economic indicators. Due to Good Friday and Easter Monday holidays, trading volaumes are likely to be limited only. The upcoming week will also remain comparatively calm as very few U.S. indicators are scheduled to release.

Important News Related to Gold:

  • Canada’s Centerra Gold Inc. has agreed to hand control of its expropriated gold mine to Kyrgyzstan’s government. The agreement calls for Centerra to yield control of its owned subsidiary Kumtor Gold Co. and an affiliate to state-owned refiner Kyrgyzaltyn OJSC. In exchange for control, Kyrgyzaltyn is to transfer its 26% stake in Centerra back to the Canadian company, which plans to cancel the shares.
  • Exchange-traded funds added 176,458 troy ounces of gold to their holdings, bringing this year’s net purchases to 8.06 million ounces, according to data compiled by Bloomberg.
  • Gold jewelry demand in China, which has been hit by lockdowns in major cities and concerns over the spread of COVID, may take a few months to recover, according to London-based precious metals consultancy Metals Focus.
  • Zimbabwe’s mining industry sees a funding shortfall of $10 billion over the next five years, a challenge compounded by erratic power supplies and exchange-rate volatility. While Zimbabwe has the world’s third-biggest reserves of platinum-group metals, plus gold, diamond and chrome mines, development has been stymied by political instability, economic collapse and rules that deter foreign investment.

Source: Kitco News

Let’s check out key headlines from Russia –Ukraine:

  • CIA warns desperate Putin poses nuclear threat.
  • Moody’s said Russia may be in default because it tried to service its dollar bonds in roubles, which would be one of the starkest consequences to date of Moscow’s exclusion from the Western financial system since President Vladimir Putin’s invasion of Ukraine.
  • Russia has asked Brazil for support in the International Monetary Fund, the World Bank and the G20 group of top economies to help it counter crippling sanctions imposed by the West since it invaded Ukraine, according to a letter seen by Reuters.
  • Kremlin says Putin wants to see methodical work carried out to to widen the use of the Rouble for energy exports.
  • Ukraine missile manufacturing site outside Kyiv hit by Russian strike: AFP.
  • Kremlin says Putin wants to see methodical work carried out to to widen the use of the Rouble for energy exports.
  • Russia warns of unspecified ‘consequences’ if Finland, Sweden join Nato: foreign ministry.
  • “The number and scale of missile strikes against targets in Kyiv will increase in response to any terrorist attacks or sabotage committed by the Kyiv nationalist regime on Russian territory,” the Russian ministry said in its daily update. (AFP).
  • Russia’s defence ministry warned Friday it will intensify attacks on the Ukrainian capital Kyiv in response to strikes on Russian soil, after accusing Ukraine of targeting Russian border towns. (AFP).
  • US President Biden will not visit Ukraine: White House press secretary.
  • Canada is sending soldiers to Poland to help with the care, co-ordination and resettlement of Ukrainian refugees in Poland including some who will come to Canada.

Source:Timesofindia

On the one end Nuclear Threat from Russia over Ukraine and on the other end, China’s rising COVID infections followed by lockdown, putting the gold prices higher. In addition, rising yields in the U.S. are also boosting the greenback and pressuring the precious metal while renewed pressure from the stronger U.S. dollar could keep gold stuck in a trading range until the DXY index falls back below 100.

During the upcoming week, IMF meeting will remain in focus as the core subject will be Russia – Ukraine only.

Just Keep yourself updated with the TP Global FX and plan your FX trading accordingly.

Take a look and do trade wisely!
Good Luck

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