Title: Gold, Dollar Down as Russia and Ukraine Set to Resume Talks

Mar 29, 2022 03:11AM ET

By: AnalysisWatch

The gold price was down in Asia on Tuesday morning, along with the dollar. Rising yields dashed hopes for a resumption of talks between Russia and Ukraine later in the week to resolve the conflict in Ukraine.

Gold futures fell 0.93% to $1,921.70 by 1 AM ET. The dollar, which usually moves inversely to gold, eased slightly on Tuesday, holding at a three-week high reached in the previous session. The benchmark US 10-year note was also trading near its three-year high.

Ukraine and Russia are set to resume peace talks in Istanbul, Turkey, later today. Ukraine has said its top priority in the talks is to reach a ceasefire in the fighting sparked by the Russian invasion on February 24, although the US has expressed skepticism about a breakthrough.

According to official data, reflecting the New Year holiday and high prices, China's net gold imports through Hong Kong fell 13.7% in February 2022 to the lowest level in almost a year, according to official data.

The financial metropolis of Shanghai reported a record 4,381 asymptomatic COVID-19 cases and 96 symptomatic cases for the month of March, according to the city government's official WeChat account. The city also remains under a two-stage, nine-day lockdown.

Two gold industry associations said on Monday they were working with mine operators, refiners, traders, and shippers to set up a gold bullion database to prevent the trade in fake metal and allow buyers of gold bullion to trace its origin.

Among the other precious metals, silver and palladium rose by 0.3% and 0.4%, respectively, while platinum fell by 0.1%.