About DHF
our products
Newsroom
Picture of the author

Client area

Industry Insights

Gold eases on Russia-Ukraine hopes; oil up despite risks

Gold weakened on Tuesday amid optimism over a potential resumption of peace talks between Russia and Ukraine, dampening demand for protection against uncertainty.

Spot gold was quoted at USD3,238.47 an ounce on Tuesday early afternoon in London, down from USD3,241.64 at the same time on Monday. Silver inched down to USD32.53 an ounce from USD32.56.

Demand for safe-haven assets like gold subsided in Tuesday's session amid expectations that Kyiv and Moscow may restart ceasefire negotiations.

US President Donald Trump has said Russia and Ukraine will "immediately" begin ceasefire negotiations after what he described as an "excellent" call with Russian President Vladimir Putin that lasted more than two hours, PA reported.

Trump also spoke to Ukrainian leader Volodymyr Zelensky and European leaders in the hope of making progress toward a ceasefire.

"The conditions for that will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of," Trump said in a social media post.

It was not clear when or where any talks might take place or who would participate.

The yellow metal also came under pressure from increasing outflows, DHF Capital's Bas Kooijman said.

Gold-backed exchange-traded funds recorded a net outflow of 30 tonnes last week, marking the largest withdrawal since September 2022, Kooijman noted.

"Persistent ETF outflows could signal waning institutional interest and could continue to weigh on gold in the near term," he cautioned.

But markets continue to price in at least two interest rate cuts in the US in 2025, following weaker-than-expected inflation and retail sales data, DHF Capital's Kooijman said.

"However, recent hawkish remarks from Fed officials have introduced caution around the timing and magnitude of policy easing," he said, adding: "This more measured stance may limit the upside potential for non-yielding assets like gold."

"Looking ahead, investor attention will turn to speeches from Fed policymakers, upcoming US economic data, including S&P Global's preliminary PMIs, and progress in geopolitical negotiations, all of which are likely to shape gold's short-term outlook," Kooijman said.

In other commodities, a barrel of Brent oil fetched USD65.42 on Tuesday, up from USD64.61 on Monday. West Texas Intermediate Crude rose to USD62.54 a barrel from USD61.71.

The oil market stabilised to a "certain extent", but could continue to see volatility risks, Exness analyst Inki Cho said, pointing to negotiations over Iran's nuclear programme, which appear stalled, raising supply fears.

"Without a deal, US sanctions on Iranian oil exports remain in place, preventing a potential increase in crude volumes available on the market," Cho said.

"Economic concerns, especially surrounding China and the US, remain a source of risks," the Exness analyst cautioned.

Cho added: "While Moody's recent downgrade of the US sovereign credit rating weighed on market sentiment, slowing industrial output and retail sales in China raised doubts about future oil demand."

The scheduled call between Trump and Putin does not appear to have led to any significant breakthroughs, ING analysts Warren Patterson and Ewa Manthey said.

"Trump said that Russia and Ukraine would begin talks on ending the war. However, Putin said the main aim remains to 'eliminate the root causes of the crisis,' Patterson and Manthey noted.

"Energy markets have been focused on potential peace talks, with an eventual deal possibly leading to an easing of sanctions against Russia," the ING analysts said.

Elsewhere, platinum was priced at USD1,013.56 an ounce on Tuesday, up from USD998.78 on Monday. Palladium was quoted at USD984.00 an ounce, up from USD965.16.

The copper price softened to USD9,517.00 per tonne from USD9,518.00, and aluminium slid to USD2,452.50 from USD2,469.00.

Sources: Fintel

Picture of the author

Recent Articles

1905 2025

Weekly market summary: US China tariff truce boosts global markets

1405 2025

Mild U.S. Inflation Keeps Dollar Under Pressure

1305 2025

Gold prices rebound after yesterday’s fall

1205 2025

The significant events in the global economy over the past week with our weekly financial update

0605 2025

Silver prices rise on trade tensions and softer dollar

3004 2025

EMEA Morning Briefing : Tech Earnings in Focus; U.S. Touts Progress on Trade Deals

2904 2025

Gold Range-Bound, Traders Monitor Economic Data And Trade Developments

2304 2025

US Dollar Stabilized As Trade Optimism And Fed Clarity Reassure Markets

2304 2025

US Dollar Stabilized As Trade Optimism And Fed Clarity Reassure Markets

2204 2025

Silver consolidates amid Fed and tariff concerns

1604 2025

EMEA Morning Briefing: Futures Fall Ahead of Inflation Data

1504 2025

Gold Hovers Near Record Highs as Trade and Geopolitical Risks Persist

1504 2025

Gold Hovers Near Record Highs As Trade And Geopolitical Risks Persist

1404 2025

The significant events in the global economy over the past week

1104 2025

Gold Soars to New Record as Dollar Sinks and Trade Tensions Mount

0904 2025

Silver steadies as trade fears ease

0804 2025

Silver Steadies as Trade Fears Ease and Long-Term Factors Support Optimism

0304 2025

Dollar Falls After Trump Unveils Sweeping Tariffs

0204 2025

Gold Steadies Near Record Highs as Tariff Fears and Geopolitical Tensions Mount

0204 2025

Gold Price Rises. Why It’s One to Watch on Liberation Day

0104 2025

Trade Risks Challenge Yuan Stability

3103 2025

Market Insights Week 14

2803 2025

Yen Gains After Inflation Data Strengthens BoJ Rate Hike Expectations

2603 2025

Gold Extends Gains as Geopolitical and Trade Risks Weigh on Sentiment

2603 2025

London Up Ahead of Anticipated Spring Budget Cuts

2403 2025

Japan’s Manufacturing and Services Decline Weighs on Yen

2403 2025

Market Insights Week 13

2003 2025

US Dollar Steady Near Five-Month Lows After Fed Decision

1803 2025

Silver Gains Amid Economic Concerns and Fed Policy Speculation

1803 2025

Gold Jumps Above USD 3,000 Amid Geopolitical and Economic Uncertainty

Copyright 2014-2025 DHF Capital S.A. All Rights Reserved

Picture of the author
Picture of the author
Picture of the author
Picture of the author
Twitter/X
Picture of the author
DHF Capital S.A. is a public limited company (registration number B250882 -société anonyme) which is governed by the law of Luxembourg, 10 August 1915, on commercial companies, as amended (the "Company Law"), the law of 2 March 2004 on securitisation, as amended (the "Law on Securitisation") as well as by the present articles of association.