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Gold gains 1% as dollar slips, Ukraine optimism wanes By Reuters


© Reuters. FILE PHOTO: Marked ingots of 99.99 % pure gold are positioned in a cart on the Krastsvetmet non-ferrous metals plant within the Siberian metropolis of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/

By Brijesh Patel

(Reuters) – March 30 (Reuters) – Gold costs rose almost 1% on Wednesday, supported by a retreat within the U.S. dollar and renewed doubts about the opportunity of a ceasefire between Russia and Ukraine.

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XAU= was up 0.7% at $1,932.14 per ounce by 03:26 p.m. EDT (1926 GMT).

U.S. GCv1 settled up 1.1% to $1,939.

The U.S. dollar fell 0.6% to just about a two-week low, making greenback-priced gold inexpensive for different foreign money holders. USD/

Additionally serving to gold, “this Russian scenario, which gave the impression to be bettering yesterday is now form of deteriorating once more”, stated Edward Meir, an analyst with ED&F Man Capital Markets.

The Kremlin on Wednesday welcomed that Kyiv had set out its calls for for an finish to the battle in Ukraine in written kind, however stated there was no signal of a breakthrough but. (Full Story)

Gold costs dropped as a lot as 1.8% on Tuesday after Russia pledged to chop down on army operations round Kyiv and in northern Ukraine, however bullion pared a lot of the losses to settle simply 0.2% decrease for the day. (Full Story)

Markets additionally had been maintaining an in depth tab on the U.S. 2-year/10-year Treasury yield curve, which briefly inverted on Tuesday, as bond traders wager that aggressive tightening by the Federal Reserve to struggle hovering inflation might harm the U.S. financial system. (Full Story) US/

Bullion is taken into account a secure retailer of worth throughout occasions of political and monetary uncertainty. Additionally it is considered as a hedge towards rising inflation.

“A powerful bounce-back in costs from this week’s low can be a bullish component for the metals markets, as nicely as the remainder of the uncooked commodity sector,” Jim Wyckoff, senior analyst at Kitco Metals, stated in a notice. O/R

Spot silver rose 0.1% to $24.78 per ounce, whereas platinum climbed 0.6% to $988.27.

Palladium gained 4.6% to $2,246.69 after dipping to greater than a two-month low of $2,032.97 on Tuesday.

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