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Title: Gold Up as Russia-Ukraine Talks Stall, but High U.S. Yields Cap Gains


Mar 25, 2022 01:07AM ET


By: AnalysisWatch


The gold price rose in Asia on Friday morning and was on track for its third weekly gain in four weeks. However, Russia and Ukraine failed to make significant progress in peace talks, boosting the yellow metal, but rising US yields limited its gains.


Gold futures gained 0.01% to $1,962.4 an ounce at 1:02 PM ET, reaching a more than one-week high set in the previous session and up nearly 2% for the week.


The war in Ukraine, triggered by the Russian invasion on February 24, also continues with no end in sight. Western leaders on Thursday increased military and humanitarian aid to Ukraine and condemned Russian actions as "barbarism".


The US Federal Reserve is also tightening its monetary policy, raising interest rates to 0.5% in its latest decision last week. Central bank policymakers also hinted at more aggressive action to curb inflation.


Ten-year government bond yields in the United States have also remained near their 2019 highs.


According to Reuters technical analyst Wang Tao, gold may test resistance at $1,967 an ounce again.


Other precious metals rose 0.6 percent and platinum 1% to $1,030.45, while palladium remained unchanged at $2,523.01.

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