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Gold prices traded near daily lows after losing more than $70 and falling below $2,000 per ounce. A sell-off in the gold market coincided with a 10% drop in the oil market, while risky assets such as equities and cryptocurrencies posted solid gains.
On Wednesday, the rally in commodities slowed down, with oil, platinum, silver, copper, wheat, and corn losing value. West Texas Intermediate crude fell by 10%. Brent crude oil collapsed by 11%.
On the other hand, risky assets recovered. The Dow Jones Industrial Average was up by 2.35%. The S&P added 2.79%. Bitcoin also surged along with US stocks, climbing by 8%.
Gold failed to extend gains after reaching a new all-time high of $2,078.80 on Tuesday.
The precious metal reacted negatively to recovery in risk appetite on Wall Street, although the situation in Ukraine had not yet improved.
Optimism returned to Wall Street after Ukrainian President Volodymyr Zelensky said he was no longer pressing for NATO membership for Ukraine.
Like other commodities, gold is likely to remain a highly volatile asset as market participants continue to mull over developments in Ukraine and potential supply risks.
Nevertheless, with geopolitical tensions brewing and uncertainty around the global economy, gold may start rising again, Exinity Group analyst Han Tan believes.
As for macroeconomic indicators, traders may take notice of US consumer prices to be released today.
According to economists, the inflation rate accelerated in February. The annual inflation rate is forecast to have risen by 7.9% in February after hitting a 40-year high of 7.5% in January.
The latest CPI data comes just a week before the interest rate decision. Federal Reserve Chair Jerome Powell said he was inclined to propose and support a 25-basis-point rate hike at the central bank's next policy meeting.
The recent surge in commodity prices has raised fears that inflation will remain high for a long time to come. DoubleLine Capital CEO Jeffrey Gundlach said inflation could rise to 10%, which would force the US Federal Reserve to act more aggressively.
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