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Gold Down, Hopes Rise for Ukraine Conflict Resolution By Investing.com

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Gold Down, UAE Comments Induce Drop in Oil and Improved Risk Sentiment

© Reuters.

by Gina Lee

Investing.com – Gold fell in early Asian trade on Friday, falling to its biggest weekly loss since late November 2021. Hopes of progress in ceasefire talks between Ukraine and Russia dented gold’s safe-haven appeal.

It was down 0.40% at $1,935.40 at 12:24 a.m. ET (4:24 a.m. GMT), and is down about 2.4% so far this week.

“The reality is that gold prices and this week’s talks on a 15-point peace plan and the possibility of a deal between Russia and Ukraine have seen prices fall as concerns over Ukraine’s outlook ease,” said Tiger Brokers chief strategist official Michael McCarthy told Reuters.

“The dollar has been an important factor to some extent, and one of the things that has pulled gold back from its all-time highs.”

Russia appears to have halted its advance on Ukrainian cities following its February 24 invasion. Officials from both countries held peace talks again, but with limited progress.

“Sure, a 25 percentage point increase is expected, but unexpectedly, six more increases in 2022. That’s a hawkish Fed statement,” McCarthy said, referring to the central bank’s rate announcement on Wednesday of 0.5 %.

Across the Atlantic, the Bank of England announced on Thursday that it would raise interest rates to 0.75%. Meanwhile, the bank announced earlier in the day that rates were steady at -0.10%.

Among other precious metals, palladium rose 2.7%, but was down about 8% for the second week in a row. Silver fell 0.3% and was on track for its first weekly loss in seven. Platinum was flat at $1,021.62 but fell 5% on a weekly basis, its biggest loss since November 2021.

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