There is definite calm in the market and post the statement on sanctions from Joe Biden (US President), the market seems to be looking at risk appetite coming back, and most believe that the war (Russia-Ukraine) could last just about 10 days to 2 weeks and situation could normalise by mid-March. So that’s the reason why gold price came off from its 18 month high, saw USD 1,975 per ounce yesterday, February 24.
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Brent crude price also, after hitting a 7-year high of USD 105 per barrel yesterday after that sanction was imposed the price went down to USD 98/bbl, but yes, there could be some more developments today and that’s the reason USD 101/bbl coming back.
The major point is that the US fell short of barring Russia from the SWIFT network. There were no sanctions on the oil and gas trade. There were no sanctions on trade as a matter of fact and this is the reason not just gold and crude, but many of the metal prices also were high yesterday.
Also Read: Russia-Ukraine war LIVE updates: Ukraine claims 137 killed since invasion began, prez says was 'left alone' to fight Russia
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.