The Russia-Ukraine conflict has been a black swan event for most investors. So far, it has brought huge shocks to the global financial market. Generally speaking, the outbreak of unexpected events such as wars usually boosts risk aversion among investors in financial markets, leading to higher prices of safe-haven assets (such as gold, dollar and US Treasuries) and lower prices of risky assets (such as stocks and bulk commodities). However, considering that both Russia and Ukraine are important global commodity exporters (such as Russia's energy and Ukraine's agricultural products), the outcome of the Russia-Ukraine conflict will significantly impact the supply of key commodities in the world, leading to soaring prices of bulk commodities.

The London Bullion Market Association Gold Price was up from $1,795 per ounce to $1,945 from Jan 31 to March 4, approaching the $2,000 per ounce mark, an increase of 8.4 percent. During the same period, the dollar index rose from 96.54 to 98.65, an appreciation of 2.2 percent; the 10-year US Treasury yield dropped slightly from 1.79 percent to 1.74 percent. However, it is worth noting that driven by expectations of the Fed raising interest rates and shrinking its balance sheet, the yield on the 10-year US Treasury bond rose to 2.05 percent on Feb 15. If compared with this high point, the indicator is down 31 base points as of March 4.