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News about Ukraine brings gold prices down from an 8-month summit

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Gold fell on Monday after hitting its highest level in more than eight months, as demand for safe havens waned after the US and Russian presidents announced their intention to hold a summit on the Ukraine crisis, and the metal was further pressured by an expected interest rate hike by the Federal Reserve.

And gold fell in immediate transactions 0.3 percent to $ 1891.33 an ounce (an ounce) by 0514 GMT, retreating from the highest level in the session at 1908.02 dollars, its highest level since the third of June. US gold futures fell 0.3 percent to $1,894.20.

WASHINGTON (Reuters) – U.S. President Joe Biden has agreed in principle to holding a summit with Russian President Vladimir Putin on the Ukraine crisis after the two countries’ foreign ministers meet next week and if there is no invasion, the White House said on Sunday.

“Global investors are deeply concerned about a potential (conflict) between Russia and Ukraine, and the US president has repeatedly said an invasion is possible in the coming days,” said Margaret Young, an analyst at Daily FX.

“On the other hand, investors are also interested in the Fed’s rate hike in March, so this will likely affect gold prices.”

Higher interest rates increase the opportunity cost of holding non-returning gold.

As for other precious metals, silver fell in spot transactions 0.9 percent to $23.75 an ounce, and platinum rose 0.2 percent to $1069.87.

Palladium fell 1.6 percent to $2,308.23.

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