Silver prices lost 2% in European trade on track for the first weekly loss in six weeks, as haven demand declines amid progress in Russian-Ukrainian peace talks.

Russian President Vladimir Putin said the discussions with Ukraine took a positive turn with increased progress on the most disputable points. 

Recent Russian-Ukrainian negotiations in Turkey achieved little progress and greatly disappointed the markets.

However, Putin's remarks showed unexpected progress in the peace talks, with Moscow getting concessions from Kiev.

Silver is down 1.5% so far this week on track for the first weekly loss in six weeks away from eight-month highs at $26.95 an ounce.

Silver is down 2% today to $25.41 an ounce, away from the opening of $25.89.

Silver rose 0.5% yesterday, after a 2.3% tumble on Wednesday on the announcement of Russian-Ukrainian peace talks in Ukraine.

European stocks surged over 2% on Friday on track for the second profit in three sessions, amid improving risk appetite in the markets as Russian-Ukrainian peace talks progress.

Russian President Vladimir Putin said the discussions with Ukraine took a positive turn with increased progress on the most disputable points. 

Dow Jones Stoxx Europe 600 rose 2.1% as of 11:55 GMT, after closing down 1.7% yesterday, following a 4.7% spike in the previous session.

The strong gains back on Wednesday were the best since March 2020 as risk appetite improved across the board.

the Stoxx Europe index rose on Friday on track for the second profit in a row, with most sectors gaining, led by the travel sector, which rose 3.5%.

Recent Russian-Ukrainian negotiations in Turkey achieved little progress and greatly disappointed the markets.

However, Putin's remarks showed unexpected progress in the peace talks, with Moscow getting concessions from Kiev.

In Europe, the Euro Stoxx 50 rose 2.9%, while France's CAC 40 rallied 2.5%, as Germany's DAX rose 3.5%, while London's Financial Times 100 rose 1.5%.

S&P 500 futures fell 1.5% today after a 0.4% slip yesterday following historic US inflation data.

Oil prices rose in European trade after a two-day hiatus from gains on profit-taking off 14-year highs, amid mounting concerns about supply shortages if Russian oil was indeed banned from the global market.

Recent Russian-Ukrainian peace talks in Turkey ended in failure with no progress towards a ceasefire agreement or allowing safe passages for civilians through trapped cities.

Analysts don't expect OPEC Plus to be able to fill the void left by Russian supplies any time soon.

Already some members such as Nigeria and Angola are struggling to match their current production levels, limiting the ability of the group to fill the Russian void.

Some analysts now expect prices to hit $150 easily in the short term if the Ukrainian crisis extended for the foreseeable future. 

Oil prices also declined in the last two sessions as analysts are convinced that Europe couldn't ban Russian oil in for the time being like the US.

Russia already exports nearly 3 million bpd of crude to European countries, and skipping these shipments would be dire consequences. 

US crude rallied 2.75% to $108.83 a barrel, while Brent climbed 3.3% to $112.74 a barrel.

US crude surged 3.5% on Thursday, while Brent gave up 2.6%, the second loss in a row on profit-taking off 14-year highs.

Euro fell in European trade for another session against dollar as investors shun risks once more, amid concerns about the pace of growth in the euro zone.

Recent Russian-Ukrainian peace talks in Turkey ended in failure with no progress towards a ceasefire agreement or allowing safe passages for civilians through trapped cities.

The dollar index rose over 0.2% on Friday for another session against a basket of major rivals following a spate of inflation data from the US.

US consumer prices surged 7.9% in February, the largest such increase in 40 years, before fully factoring in the impact of the Ukrainian war.

The data bolstered the case for a Fed rate hike in the policy meeting next week, followed by five other hikes this year.

The European Central Bank said it would gradually cut its monetary stimulus program by the third quarter of the year, opening the door for a rate hike before year end.

ECB President Christine Lagarde warned the Ukrainian crisis represents a turning point for Europe, and is expected to hinder growth and bolster inflation.

EUR/USD fell 0.2% today to 1.0965, with an intraday high at 1.1018.

Euro lost 0.8% on Thursday, the first loss in three days as Russian-Ukrainian peace talks failed.