US-Russia Summit: Europe Uneasy, Gold Prices Rising

US and Russia Leaders Prepare for New Summit

US President Donald Trump and Russian President Vladimir Putin have agreed to hold a new summit on Thursday to discuss the war in Ukraine. This development comes immediately after Ukrainian President Volodymyr Zelenskiy visited the White House to request additional military support, including US-made Tomahawk missiles.

Impacts from Washington to Asia

Washington is increasing pressure on India and China to halt purchases of Russian oil. After a two-hour phone call, Trump indicated that he and Putin could meet in Budapest within the next two weeks. However, the Kremlin has not made any announcement regarding the date of the meeting. The White House is inclined to provide new support to Zelenskiy, while frustrations against Putin are growing.

Fluctuations in Gold and Silver Prices

Gold reached a new peak, exceeding 4,300 dollars per ounce in the morning, preparing for its best week in five years. The primary reasons for this increase include signs of weakness in regional banks in the US and global trade tensions. Investors are flocking to gold, viewed as a safe haven.

On the other hand, spot silver fell by 0.7% to 53.86 dollars per ounce, but it maintains its weekly gains. The daily price movements are supported by the rise in gold prices and the emergence of short position squeezes in the spot market.

Losses in US Markets

Wall Street closed lower due to concerns in the sector. Issues faced by Zions Western Alliance and Cantor Group negatively affected investor sentiment, leading to losses in stocks.

Asian markets followed Wall Street's decline, as investors predict that the Federal Reserve will implement at least two quarter-point interest rate cuts this year. Two-year Treasury bond yields reached a new three-year low of 3.4040%. European stock futures also showed a decline.

Energy Price Trends in Markets

Oil prices saw a slight decrease following the announcement of the meeting date between Trump and Putin. Brent crude oil fell by 0.13% to 60.98 dollars per barrel, while US West Texas oil traded at 57.37 dollars, down by 0.16%. The relevant declines stem from the International Energy Agency's expectations of an increasing surplus by 2026.