Gold Plunges Below $2,000 After Progress in Russia-Ukraine Talks

Gold futures closed more than $50 lower Wednesday (March 9) after peace talks between Russia and Ukraine made progress that could end the war in Ukraine.

  • The gold contract was down $55.1, or 2.7%, at $1,988.2 an ounce.
  • The silver contract was $1.079, or 4.01%, to close at $25.816 an ounce.
  • The platinum contract fell $45.6, or 3.95%, at $1,107.6 an ounce.
  • Palladium was down $18.70, or 0.62%, at $2949.80 an ounce.

The peace talks between Russia and Ukraine have also influenced the U.S. stock market, which rose sharply last night.

The S&P 500 rose 2.57% to 4,277.88.
The DOW rose 2% to 33,286.25.
The NASDAQ rose 3.59% to 13,255.55.

It appears Ukraine has abandoned its intention to join NATO, while Russia announced that talks with Ukraine have made progress.

Maria Zakharova, spokeswoman for the Russian Foreign Ministry said that peace talks between Russia and Ukraine to resolve the conflict are progressing, stressing that Russia has no intention to overthrow the Ukrainian government and does not intend to attack civilians.

Investors are awaiting the release of the U.S. Consumer Price Index (CPI) today ahead of the Federal Reserve’s (Fed) second monetary policy meeting of the year on March 15-16.

The Spot Market is Open

Thursday, March 10, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.20
1,977.70
1,979.20
-13.60
-0.68%
1,971.20
1,995.40
Silver
11.20
25.50
25.60
-0.27
-1.05%
25.32
25.90
Platinum
11.20
1,072.00
1,092.00
-7.00
-0.65%
1,062.00
1,101.00
Palladium
11.05
2,874.00
3,024.00
+2.00
0.07%
2,824.00
3,055.00
Rhodium
06.00
17,600.00
19,600.00
0.00
0.00%
17,600.00
19,600.00

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