Gold Falls to its Lowest Level in Two Weeks
Gold prices fell to a two-week low on Tuesday as ceasefire talks between Russia and Ukraine slashed demand for safe-haven assets, while expectations grew that the US Federal Reserve would raise interest rates for the first time in three years, adding to pressure on the metal, yellow.
And the price of gold in spot transactions fell 1.36 percent to $ 1924.50 an ounce at 1800 GMT, after earlier touching its lowest level since the first of March at $ 1913.10. And US gold futures fell 1.6 percent, to settle at 1929.70 dollars. “Demand for safe-haven gold has been affected by hopes, albeit weak, that talks between Ukraine and Russia will lead to a de-escalation,” said Ricardo Evangelista, chief analyst at ActivTrades.
The US Central Bank is expected to announce at the end of its two-day meeting, tomorrow, Wednesday, to raise borrowing costs by a quarter of a percentage point. Among other precious metals, the price of palladium in immediate transactions 1.6 percent to $ 2426.10 an ounce, after recording on Monday its weakest session in two years with the easing of supply concerns. Silver fell 0.2 percent to $24.96 an ounce, and platinum fell 3.5 percent to $993.96.
Gold Falls to its Lowest Level in Two Weeks - /10