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Western Nations Explore Fresh Sanctions Over Russia, Banning Gold Imports

The United States and the other Western countries have hinted that they intend to prevent Russia from accessing its foreign gold reserve. For now, Russia has used gold as a means of reducing sanctions’ impact on the Rubel’s value. Russia has already successfully exchanged gold holdings for greater liquid foreign currency that isn’t vulnerable to the present sanctions.

The Nasdaq climbed to its peak point during the nighttime session since 9th February, rising 1.93 percent. Intel was the best-performing stock overnight, rising 6.94 percent on news that it could help NVIDIA in chip manufacturing. Uber had a spectacular night, surging by 4.96 percent. The Dow Jones finished 1.02 percent higher. The S&P 500 finished the day 1 percent.

The FTSE index in Europe remained essentially unchanged on the day. The material industry fared well, boosting the index to a 0.09 percent gain. The DAX used to have a pretty flat day, ending the day going down by 0.069 percent.

Commodity Markets

Brent Crude oil struggled to maintain its upward trend, falling 2.69 percent to $118.14. Despite this, the price remains over the $115 mark. The gold price gained 0.69 percent to USD 1957.41 after breaking from its stability. The action could be linked to the possibility of fresh sanctions against Russia. Natural gas had yet another intense day, rising 5.81 percent. The price continued to break out, closing at $5.464, its 3-month high. To compensate for any disturbance in supplies from Russia, the United States might be compelled to expand shipments to Europe.

Cryptocurrency Market

BTC, a cryptocurrency, had a robust overnight performance. In addition, the BTC/USD is approaching the $46K resistance mark. The pair traded at $44,091, up 2.56 percent. Ethereum has continued its impressive week with another 2.59 percent gain, trading at $3118 at 22:42 GMT. After a brief period of stability, the ETH/USD price rose above the downtrend.

ETH/USD. Source: Trading View

Against many other foreign currencies, the JPY continues to get crushed. The USD/JPY exchange rate increased by 0.97 percent to 122.324. The GBP/JPY pair also saw a significant increase, closing at 161.330, up 0.88 percent. The AUD/USD exchange rate had a volatile day. The currency pairing initially fell in value, but it eventually rebounded to end at 0.7512. As the tension between Russia and Ukraine has subsided, the EUR/USD has stabilized. The currency pair ended the day at 1.0998 USD.

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