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Advanced talks between Russia and Ukraine to reach a peaceful settlement have relatively calmed down global commodities' prices.

Nonetheless, prices still remain at elevated levels but the latest trend shows a slower rate of appreciation.

Lately, the conflict which started over a month ago, seems to reach a partial resolution, after the two sides entered another round of talks.

The conflict has strained global commodity supplies, consequently, pushing up prices.

Accordingly, crisis has led to a global spike in international prices of crude oil, natural gas, coal, nickel, copper, aluminium, potash, titanium and palladium.

Moreover, higher commodity cost will be reflected in retail prices of petrol, diesel, fertiliser, steel as well as cement prices.

The trend is expected to impact India's key economic macros, as the country is a major importer of these precious and industrial commodities.

But, the main concern for India is the impact high crude cost will have on domestic prices of petrol and diesel.

Till now, the high crude oil cost has led state-owned oil marketing companies to slightly increase the retail selling prices of petrol and diesel.

"Global commodities prices witnessed some selling as Russia and Ukraine talks made progress. The risk premium has declined in gold and crude oil leading to sharp selling in Tuesday trading session," said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

"However, lack of concrete settlement and absence of ceasefire commitment from Russia has kept investors on edge. Gold, crude oil and metals prices rebounded on Wednesday with weaker dollar and fall in US bond yields."

According to IIFL Securities VP, Research, Anuj Gupta: "We have witnessed a correction in commodities like crude oil and in gold after peace talks started between Ukraine and Russia."

"We have also observed that traders are now shifting their focus from commodities to equities."

In addition, Kshitij Purohit, Lead of Commodities and Currencies CapitalVia Global Research, said: "Prices of metals and energy were at elevated levels due to supply side concerns."

"Gold and silver prices are coming down due to the lowering of uncertainty in the world economy."