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MTrading Team • 2022-03-02

Gold, Brent Oil, FTSE 100 prices’ surge on March 2

Gold, Brent Oil, FTSE 100 prices’ surge on March 2

The world’s attention is still focused on the Ukraine crisis as the conflict keeps escalating, and the sanctions are being tightened. Russian planes are banned from the U.S. air space, the European arm of Russia's Sberbank have been closed, and many industrial giants have halted product sales in Russia while The Severstal company has stopped exporting steel products to the EU countries. 

The changes were not long in coming.

  • GOLD keeps to the bullish trend by adding 0.9% and reaching 1,928.60.
  • OIL prices go on surging with BRENT OIL rising by 4.55% to its highest since 2014 - 113.02.
  • The USD index goes 0.5% up reaching 97.650, its highest rate since mid-2020, as traders are searching for a safe haven.
  • The EUR goes 0.5% down to 1.1068 lending at its new seven-year low against the Swiss franc.
  • DOW JONES loses 1.76% and goes to 33,294.95.
  • FTSE 100 stands out and rises to 7,382.73 (+0.72%).
  • Germany's DAX index fell down to 13,985.69 by losing 1.2%.

The next Russia-Ukraine talks are about to start in the evening of March 2 and there’s still hope for the decline of violence. Meanwhile, the International Court of Justice’s hearings on Ukraine's appeal against Russia have already been scheduled for March 7 and 8 so the markets’ future is likely to be reshaped again. The HICP inflation data is also to be watched. 

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