“$1,900 is probably a good support line regardless of what happens today,” said Ricardo Evangelista, senior analyst at ActivTrades, adding that only a concrete de-escalation on the ground in Ukraine would cause a sharp price crash.
Ukrainian and Russian negotiators met in Turkey on Tuesday for face-to-face talks, with kyiv seeking a ceasefire without compromising territory and sovereignty. The Russian invasion has been going on for more than a month, although it is stalled on several fronts. Fortunately, a breakthrough was achieved in the negotiations and Russia promised to reduce the attacks. The calm generated by the news discouraged, as expected, the demand for gold, which is usually considered a refuge value in times of uncertainty.
At the same time, the yield on benchmark 10-year Treasury bonds hit its highest level in nearly three years, raising the opportunity cost of holding non-interest-bearing gold. For the same reason, gold is sensitive to rising interest rates, especially in the United States.
In other precious metals, spot silver fell 0.8% to $24.65 an ounce; platinum fell 1% to $974.39 and palladium lost 0.9% to $2,214.95.
Source: Ambito
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