The price of gold at auction on Friday, February 18, fell from an eight-month high after Russia agreed to meet with the United States for talks on Ukraine. This was reported by Bloomberg on February 18.
Moscow’s decision brought down the price of gold, as it eased the geopolitical fears that previously fueled demand for the precious metal.
Gold prices in the disputed market fell Friday morning on the London ICE exchange by 0.3% to $ 1893.55 per ounce, after closing trading the day before at the highest level since June 10 – $ 1902 per ounce. The Bloomberg spot dollar index declined. Silver and platinum rose in price, while palladium fell.
Gold prices hit highs amid concerns over the Russian-Ukrainian conflict, which encouraged investors to invest in this asset. However, against the backdrop of easing tensions around the situation in Ukraine, the price of the precious metal fell again.
Expert John Feeney suggested that gold will remain a fairly volatile asset. If the situation around Ukraine stabilizes, the price of the precious metal may fall by $50 or more.
The day before, US Secretary of State Anthony Blinken invited Russian Foreign Minister Sergei Lavrov to meet in Europe next week to discuss the situation in resolving the Ukrainian crisis. The head of the State Department expressed his hope that negotiations will continue to discuss steps that countries could take to resolve the crisis without conflict. Blinken was reported to have accepted Lavrov’s proposed dates for a meeting next week.
The Russian Foreign Minister said in an interview with RT on February 18 that he and the US Secretary of State were interested in a new meeting on security assurances.
In January, negotiations on security guarantees took place in three stages. On January 10, a meeting of the delegations of Moscow and Washington took place in Geneva. On January 12, a meeting of the Russia-NATO Council was held in Brussels, and on January 13, consultations ended at the Vienna site of the Organization for Security and Cooperation in Europe.
On December 17, the Russian Foreign Ministry published draft agreements between Moscow, Washington and NATO on security guarantees. According to the documents, the alliance must renounce any military activity in Ukraine and other countries of Eastern Europe, Transcaucasia and Central Asia. Russia and NATO must pledge not to create conditions that could be regarded as a threat by the other side.
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
