Spot gold was down 0.7% at $1,929.56 an ounce, and US gold futures were down 0.7% at $1,929.30.
The dollar appreciated sharply, hurting foreign buyers’ appetite for bullion.
“We have seen how the invasion momentum and speculative rage (for gold) have cooled in the last 10 days”said David Jones, chief market strategist at Capital.com.
So far this week, gold has plummeted 2.8%, due to the peace talks and investors initially discounting the possibility of the Federal Reserve raising interest rates aggressively.
Higher rates tend to increase the opportunity cost of holding gold, which does not earn interest.
Spot palladium was down 0.3% at $2,503.99 an ounce, but was headed for a weekly drop of more than 10% as supply fears from top producer Russia also eased.
Spot silver was down 1.6% at $24.94 an ounce, and platinum was up 0.7% at $1,027.49.
Source: Ambito
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