The flight into safe-haven assets earlier this week had pushed gold close to the record highs reached in August 2020.
US inflation in February accelerated again, culminating in the largest annual increase in 40 years, and with little encouraging prospectsas Russia’s war against Ukraine raises the costs of crude oil and other raw materials.
The foreign ministers of Russia and Ukraine met Thursday in Turkey, the highest-level contact between the two countries since the war began on February 24, but at simultaneous news conferences they made it clear that they had not achieved any progress.
Against the backdrop of rising oil and commodity prices, investors are now awaiting the release of the Federal Reserve’s next monetary policy meeting on March 16.
Among other precious metals, palladium, used by automakers in catalytic converters to reduce emissions, rose 0.4% to $2,948.73. The metal had hit an all-time high of $3,440.76 on Monday, fueled by fears of supply disruptions from top producer Russia. For its part, spot silver added 0.7% to $25.90, while platinum added 0.1% to $1,077.37.
Source: Ambito
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