Gold has dipped slightly below the $1,900 level again. But Given the very uncertain picture in Ukraine, economists at Commerzbank expect the yellow metal to recapture this mark and extend its advance beyond it.Demand for platinum group metals set to pick up.“Given that the situation in Ukraine is deteriorating further and a military conflict cannot be ruled out, we believe the gold price is likely to quickly regain the $1,900 mark and then continue climbing beyond it.”
“Platinum market is expected to remain in supply surplus this year before switching into deficit over the next few years. Platinum is likely to gain from substitution effects to the detriment of palladium, and from demand from hydrogen-related applications.”
EUR/USD News .GBP/USD battles 1.3600 as BOE policymakers testify.GBP/USD is trading near 1.3600 during the European session on Wednesday as investors assess the latest comments from Bank of England officials. BOE Governor Bailey told UK Parliament that higher interest rates would raise unemployment and slow growth.
GBP/USD News …Gold: Recapturing $1,901 is critical to resume Ukraine crisis-led uptrend.Gold price eases amid calmer risk tone but Russia-Ukraine tensions remain supportive. All eyes on the G7 meeting, additional Western sanctions if Russia goes for a full-scale invasion.
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