Ukraine Announces Ceasefire Reached, Russia Denies

3 September 2014 3 September 2014

JeremyCockrell

Commodities recovered ahead of US opens, following the sharp selloff yesterday. Gold had a modest bounce after diving to a 2.5-month low but we remained concerned about the outlook even in the near-term. Ceasefire in Ukraine, if confirmed, should ease safe haven demand over the yellow metal while risks to the fundamentals have skewed to the downside.