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 |