Gold Closes Down $13 as the Situation in Ukraine is Easing

Gold futures closed lower on Tuesday (Feb. 15) as investors softened their concerns about tensions between Russia and Ukraine. News that Russia has ordered the withdrawal of some troops from its border areas with Ukraine may provide some de-escalation.

  • The gold contract was down $13.2, or 0.71%, at $1,856.2 per ounce.
  • Silver was down 50.6 cents, or 2.12%, at $23.342 an ounce.
  • The platinum contract was down $7.6, or 0.74%, at $1,020.4 per ounce.
  • Palladium was down $93.70, or 4%, at $2,252.30 an ounce.

Market participants are selling gold as a safe haven after concerns about tensions between Russia and Ukraine eased in the market. The Russian Defense Ministry said it had ordered the withdrawal of some troops from the Ukrainian border to its domestic bases.

Nevertheless, gold remains in demand as investors buy gold to hedge against inflation. The Bureau of Labor Statistics released Tuesday that the PPI, rose 9.7% in January from a year earlier.

Investors will be closely watching the release of the minutes of the Federal Reserve’s (FOMC) January monetary policy meeting. This could provide information on the direction of the Fed’s interest rate hike.

The Spot Market is Open

Wednesday, February 16, 2022

Metals
Updated at
USD
Bit/Ask
Ounce
Change

Low/High
Gold
11.35
1,852.90
1,853.90
-1.20
-0.06%
1,850.40
1,856.40
Silver
11.35
23.32
23.42
-0.03
-0.11%
23.26
23.49
Platinum
11.35
1,026.00
1,036.00
+3.00
0.29%
1,020.00
1,036.00
Palladium
11.30
2,246.00
2,396.00
+53.00
2.42%
2,178.00
2,407.00
Rhodium
06.00
16,900.00
18,900.00
+1,150.00
7.30%
16,900.00
18,900.00

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