Gold Closes More Than $14 Lower as Dollar Strengthens and Russia-Ukraine Talks Signal Progress

Gold futures closed below $1,940 on Monday (March 27) as investors sold gold as a safe haven. After Sunday’s signs of progress in peace talks between Russia and Ukraine, gold prices also came under pressure from the appreciation of the dollar.

  • The gold futures fell $14.4, or 0.74%, at $1,939.8 an ounce.
  • Silver contracts fell 41.9 cents, or 1.64%, at $25.196 an ounce.
  • The platinum contract was down $17.4, or 1.73 percent, at $991.1 an ounce.
  • Palladium fell $151.90, or 6.34 percent, at $2,242.40 an ounce.

The dollar index against the six major currencies in a basket of currencies rose 0.31% to 99.0920, with a stronger dollar making gold contracts more expensive for investors holding other currencies.

Signs of progress in peace talks between Russia and Ukraine have also prompted investors to divest safe-haven assets. Ukrainian President Volodymyr Zelensky has said Ukraine is ready to negotiate neutral status, with Ukraine not joining North Atlantic Treaty Organization (NATO).

Kremlin spokesman Dmitry Peskov said the Russian-Ukrainian peace negotiator had traveled to Turkey to prepare for face-to-face talks starting today (March 29).

The gold contract was also influenced by forecasts that the U.S. Federal Reserve (Fed) will accelerate interest rate hikes to curb inflation. The Fed is expected to raise interest rates by 0.50% at its May meeting.

The Spot Market is Open

Tuesday, March 29, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
09.50
1,927.40
1,928.40
+4.80
0.25%
1,921.80
1,931.20
Silver
09.50
24.97
25.07
+0.06
0.26%
24.87
25.09
Platinum
09.50
985.00
995.00
+1.00
0.10%
982.00
997.00
Palladium
08.00
2,186.00
2,336.00
+24.00
1.11%
2,162.00
2,336.00
Rhodium
05.00
17,950.00
19,950.00
0.00
0.00%
17,950.00
19,950.00

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