spot gold it lost 0.1% to $1,898.30, after hitting its highest level since June 2021 at $1,902.22. Bullion recorded its third consecutive weekly gain, climbing 3.1%.
The US-Russia meeting scheduled for next week could stabilize gold prices, although there could be some selling interest over the weekend, especially as there will be a US holiday on Monday, said Michael Hewson, chief market analyst at CMC Markets UK.
“The outlook for gold looks much more positive, but it’s going to be very difficult to get back above those June peaks. We could find it trading between $1,910 and $1,870 an ounce in the next few days,” Hewson added.
In a development that helped global stocks post tentative gains, the US Secretary of State, Anthony Blinken, agreed to meet with Russian Foreign Minister Sergey Lavrov, which generated expectations of a more permanent relaxation of the crisis in Ukraine.
Meanwhile, finance chiefs from the Group of 20 major world economies agreed on Friday that rising inflation and geopolitical risks could threaten a fragile global recovery as the Ukraine crisis and the pandemic cloud prospects.
Source: Ambito
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