Gold futures fell on Monday (March 14) as investors sold gold as a safe haven in hopes of progress in peace talks between Russia and Ukraine. Gold futures also came under pressure as U.S. Treasury bond yields rose to their highest level in two years.
- The gold contract was down $24.2, or 1.22%, at $1,960.8 per ounce.
- Silver was down 86.2 cents, or 3.3%, at $25.298 an ounce.
- The platinum contract was down $36.3, or 3.33%, at $1,052.3 an ounce.
- Palladium fell $379.20, or 13.5%, at $2,417.60 an ounce.
Hopes that peace talks between Russia and Ukraine are showing positive signs put the brakes on the gold price rally in recent days. Both sides showed real willingness to find a diplomatic solution as the fighting enters its third week.
Mikhail Podolyak, the advisor to Ukrainian President Volodymyr Zelensky, said that the fourth round of peace talks between Ukraine and Russia, which took place yesterday, has not yet been concluded. Both sides will temporarily suspend the talks before they resume today (March 15).
Gold futures were also pressured by rising U.S. Treasury bond yields. The yield on the 10-year U.S. Treasury bond rose to 2.105%, its highest level since July 2019.
Investors’ attention is focused on the Federal Reserve’s (Fed) monetary policy meeting, which began today.
The Spot Market is Open
Tuesday, March 15, 2022