Feb 17, 2022 11:38PM ET
Gold prices were down in Asia on Friday morning. The yellow metal fell back after rising above the key $1,900 level for the second week in a row, with a meeting between Russia and the US the following week slowing investors' rush to safe-haven assets.
Gold futures fell at 11:34 p.m. ET by 0.52% to $1,892.15 an ounce, after earlier touching $1,902.22 an ounce, the highest in eight months.
U.S. stock futures rallied on Friday, while stocks in the Asia-Pacific region were mostly lower as tensions between the U.S. and Russia over Ukraine continued to simmer.
However, US Secretary of State Antony Blinken agreed to meet with Russian Foreign Minister Sergei Lavrov, raising hopes for a diplomatic solution to the tensions.
Russia is demanding security guarantees, including Ukraine not joining the North Atlantic Treaty Organisation, and the US and its allies are offering arms control and other confidence-building measures.
Gold prices rose by as much as 1.8% on Thursday, climbing above $1,900 for the first time since June 11, 2021. Some investors expect it to rise further if tensions remain high, and vice versa, while yields on 10-year US Treasury bonds have also risen.
In other precious metals, silver was little changed at $23.80 an ounce and palladium fell 0.7%, with both set for small weekly gains. Platinum rose 0.3%, posting its best weekly performance since June 2021.