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Gold Price: Gold eases, set for worst week since late November

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Gold Price: Gold eases, set for worst week since late November

March 18: Gold fell on Friday, posting its biggest weekly loss since late November, as hopes of progress in Russia-Ukraine peace talks dented its safe-haven appeal.

Spot gold was down 0.2% at $1,938.29 an ounce by 0209 GMT. U.S. gold futures were down 0.3 percent at $1,937.30.

The metal has lost 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 about Ukraine’s outlook have eased,” said Michael McCarthy, Australia Chief Strategy Officer of Tiger Securities.

“The dollar has been an important factor to some extent, and one of the factors that has caused (gold) to pull back from its all-time highs.”

Russian troops appeared to be stalled in the advance of the Ukrainian city, while officials from both countries held peace talks again, but said their positions remained far apart as the war entered its fourth week.

McCarthy added: “Of course, 25 basis points of rate hikes were expected, but unexpectedly there will be six more rate hikes this year. That’s a hawkish statement from the Fed.”

The U.S. dollar index rose after the Fed rate decision, with U.S. Treasury yields holding just below three-year highs.

Higher yields and higher interest rates make gold less attractive by raising the opportunity cost of holding non-interest bearing gold.

Palladium rose 2.7% to $2,576.84 an ounce, but was on track for a second straight weekly loss of around 8%.

Spot silver fell 0.3 percent to $25.27 an ounce and posted its first weekly loss in seven years. Platinum was flat at $1,021.62, but fell 5% on a weekly basis, its biggest loss since November.

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