Gold flat as firmer dollar, yields counter Ukraine talks

Author of the article: Gold prices were flat on Tuesday, as the dollar held firm at a three-week high hit in the previous session and yields climbed higher offsetting hopes for peace talks between Russia and Ukraine to be held this week. FUNDAMENTALS * Spot gold was little changed at $1,925.71 per ounce by 0126…
Gold flat as firmer dollar, yields counter Ukraine talks

Author of the article:

Gold prices were flat on Tuesday, as

the dollar held firm at a three-week high hit in the previous

session and yields climbed higher offsetting hopes for peace

talks between Russia and Ukraine to be held this week.

FUNDAMENTALS

* Spot gold was little changed at $1,925.71 per ounce

by 0126 GMT. U.S. gold futures were down 0.8% at

$1,924.20.

* The dollar index held firm near a three-week high hit in

the previous session, making gold more expensive for other

currency holders.

* U.S. benchmark 10-year note hovered close to near

three-year highs, higher yields increase the opportunity cost of

holding non-yielding bullion.

* Ukraine said its top objective at the first face-to-face

talks with Russia in over two weeks, due to take place in Turkey

on Tuesday, is to secure a ceasefire, although both it and the

United States were skeptical of a major breakthrough.

* China’s net gold imports through Hong Kong fell 13.7% to

their lowest level in nearly a year in February, official data

showed, as Lunar New Year holidays and high prices dented

demand.

* China’s financial hub of Shanghai reported a record 4,381

asymptomatic COVID-19 cases and 96 symptomatic cases for March

28, the city government said on its official WeChat account.

* Two gold industry associations are working with miners,

refiners, traders and shippers to create a database of gold bars

in an effort to prevent trade in counterfeit metal and allow

buyers of bullion to trace its origin, they said on Monday.

* Spot silver was up 0.3% to $24.92 per ounce and

platinum shed 0.1% to $983.50, while palladium

rose 0.4% to $2,243.71.

(Reporting by Asha Sistla in Bengaluru; Editing by Rashmi Aich)

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