Potential Russia-Ukraine peace talks this week further dim bullion’s safe-haven appeal
Bengaluru — Gold prices fell on Monday as the dollar index gained and US Treasury yields held firm near multimonth highs, with investor focus on potential Russia-Ukraine peace talks this week further dimming bullion's safe-haven appeal.
“Gold is falling after its rally stalled on Friday and the US dollar strengthened this morning in Asia. That is pushing nervous longs to the exit door,” said Oanda senior analyst Jeffrey Halley. The dollar has benefited from its status as a safe haven and the conflict in Ukraine has driven expectations the US Federal Reserve will hike interest rates.
The Fed raised borrowing costs for the first time in three years last week, and traders are pricing in a probability of a 50-basis-points rate hike during the policy meeting in May.With peace talks between Russia and Ukraine set to take place in Turkey this week, Ukrainian President Volodymyr Zelensky insisted on the territorial integrity of his country after earlier suggesting he was ready for a compromise.
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