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• Says Russia's president Putin is to meet with officials and oil industry executives today

FXStreet reports that gold seems to have lost its safe-haven allure in the past weeks. Logically, this makes little sense and is highly counter-intuitive, according to economists at OCBC Bank.

"As Covid-19 started to invoke fears of a dollar liquidity crunch, gold became a ripe candidate for a selloff as was a highly liquid asset and one of the few markets still posting year-to-date gains."

"Gold properties - rare, inert and high density - still makes it one of the top choices as an alternative asset to stocks and bonds."

"The current liquidity crunch highlights inherent failings within the economic system and does not suggest gold has lost its status as a safe-haven."

FXStreet reports that Crude oil prices soared higher after reports major producers would cut production. Volatility in the oil market is likely to remain high as the market contemplates possible production cuts, per ANZ Bank.

"President Trump tweeted that he has spoken with Russia and Saudi Arabia and that a 10-15mb/d production cut had been agreed to."

"Saudi Arabia did hold out an oil branch, calling for an urgent meeting of the OPEC+ alliance to reach a fair deal that would restore balance to the oil markets. However, we believe any agreement on production cuts will have minimal impact on the oil market."

"The closing of borders and lockdowns has had a precipitous impact on oil demand. Overall we calculate world crude oil demand has fallen by about 20mb/d."