Gold Fell Below $1,900 After Russia Signaled Willingness to Negotiate with Ukraine

Gold futures closed lower on Friday (Feb. 25), falling from $1,900 as bets on a diplomatic solution to the Ukraine situation heat up.

  • The gold futures fell $38.7, or 2.01%, at $1,887.6 an ounce.
  • Silver was down 69.3 cents, or 2.8%, at $24.017 an ounce.
  • The platinum contract was down $12, or 1.13%, at $1,050.1 per ounce.
  • Palladium fell $136.20, or 5.4 percent, at $2,365.70 an ounce.

Gold futures fell on selling pressure after the Chinese Foreign Ministry announced that Russian President Vladimir Putin told Chinese President Xi Jinping by phone that Russia is ready for high-level talks with Ukraine.

Kremlin spokesman Dmitry Peskov said that Russia is sending its representatives to the Belarusian capital Minsk for talks with Ukrainian authorities.

The release of better-than-expected U.S. economic data on Friday (Feb. 25) put safe-haven gold prices under pressure as well. According to the U.S. Department of Commerce, orders for durable goods increased by 1.6% in January, after rising by 1.2% in December.

New orders for durable goods, excluding aircraft and defense equipment, rose 0.9% in January after increasing 0.4% in December.

The U.S. Commerce Department reported that the core personal consumption expenditures (PCE) price index, which excludes food and energy, rose 5.2% in January from a year earlier. This is the largest increase since April 1983.

The Spot Market is Closed

Saturday, February 26, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
05.00
1,889.00
1,890.00
-14.50
-0.76%
1,882.80
1,921.80
Silver
05.00
24.26
24.36
+0.08
0.31%
23.84
24.56
Platinum
05.00
1,055.00
1,065.00
0.00
0.00%
1,043.00
1,074.00
Palladium
05.00
2,307.00
2,457.00
-57.00
-2.41%
2,260.00
2,584.00
Rhodium
05.00
18,750.00
20,750.00
-200.00
-1.06%
18,750.00
20,950.00

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