Reporters reported that today (March 29, 65) gold futures dropped $50, falling off the level of $1,900 as investors sold gold as a safe haven asset. There are reports that peace talks between Russia and Ukraine are progressing today.
By at 7:47 p.m. Thai time, the COMEX (Commodity Exchange) gold contract will be delivered in June. It fell $50.0, or 2.5%, to $1,894.70 an ounce.
Russian officials said a new round of peace talks with Ukraine were constructive today. The talks, held in Istanbul, Turkey, lasted about three hours, with the aim of reaching a ceasefire agreement.
Meanwhile, Russian state news agency TASS, citing the Russian Defense Ministry, said: Russia will “dramatically reduce” military operations around Kiev, the Ukrainian capital. including Chernihiv
In addition, gold prices are also pressured by the rebound in US Treasury yields. including the prediction that The US Federal Reserve (Fed) will speed up interest rate hikes to curb inflation. The Fed is expected to raise interest rates by 0.50% at its May salary policy meeting.
The rebound in US government bond yields And raising interest rates will increase the opportunity cost of holding gold. Because gold is an asset that does not return in the form of interest.