Gold prices fell in Asia on Monday but are still hovering near their highest levels in more than eight months as tensions in Ukraine mount and investors turn to safer assets.
- Gold futures fell 0.01% to $1,899.65 per ounce.
Gold prices have risen for three straight weeks on growing concerns about a Russian incursion into Ukraine as the U.S. warned of a possible invasion of Ukrainian cities.
U.S. President Joe Biden said Friday that an invasion could take place “within a few days”.
Russia continues to deny the allegations. Russian Foreign Minister Sergei Lavrov will meet with U.S. Secretary of State Antony Blinken in Europe later this week.
Biden and Russian President Vladimir Putin both agreed to hold a summit.
The safe-haven trend overshadowed concerns about rate hikes from the Federal Reserve, with Fed Governor Lael Brainard and New York Fed Chairman John Williams, as well as Chicago Fed President Charles Evans, saying last week that they would like to raise rates.
Meanwhile, Fed Governor Michelle Bowman will speak this afternoon, as will Loretta Mester and Rafael Bostic, who will speak Thursday.
The Spot Market is Open
Monday, February 21, 2022