After declining more than $10 in a single hour during the Friday afternoon session, gold futures (April 14 delivery) continue to recover on Tuesday.
The price of the precious metal is currently 1,347.20, a 5.80-point (0.43%) gain on the day’s open. Heading in to the afternoon, a test of last weeks high at 1,351.30 looks likely. As usual, silver is following in in the shadow of its golden counterpart. Silver futures (May 14 delivery) are up 0.44% for the day at 21.008.
The gains come as the situation in Ukraine lingers, with the potential for geopolitical unrest continuing to dictate a risk-off sentiment in the global markets. Latest news on the crisis is that Russian President Vladimir Putin has reportedly turned down a U.S. proposal to resolve the situation, which has led U.S. Secretary of State John Kerry to postpone his scheduled meeting with Putin in Sochi.**relatedarticle**
Elsewhere, crude oil futures (April 14 delivery) are down 0.2%, currently trading at 100.92 per barrel. The decline comes off the back of disappointing data from China, which is the world’s second largest oil consumer after the U.S. During the weekend and the first two days of this week, China has reported a worse than expected trade balance, with exports falling 18.1% (YoY) in February; new loans failing to meet a 730B Yuan forecast, with the figure reported at 645B Yuan; and both CPI (MoM) and PPI (MoM) failing to meet expectations, reported at 0.5% and -2.0% respectively.
The Chinese data has also put pressure on the cooper market, with futures (May 14 delivery) down 2.46% for the day, currently trading around key resistance at 2.957.
Natural gas futures (April 14 delivery) are also down on Tuesday, on reports that reinforce last week’s forecasts for warmer than expected weather throughout the remainder on the month. Currently priced at 4.600 per million British thermal units (MMBtu), the futures are down 0.042 points (0.89%) for the day.
To contact the reporter of this story: Samuel Rae at firstname.lastname@example.org