The yellow metal has eased its bullish momentum after hitting $1,900 an ounce. A price point not traded since June 2021, an eight-month high.
This is as news of President Joe Biden and President Vladimir Putin agreeing to meet in principle at a summit to discuss matters relating to the possible invasion of Ukraine by Russian forces.
The yellow metal has just come off three consecutive weeks of gains, driven by growing concerns of a Russian invasion of Ukraine. U.S. President Joe Biden said on Friday that an invasion could come “within days”, an accusation that Russia continues to refute. The statement caused the price of Gold to trade a high of $1,905.00 on Friday.
The Gold futures is down 0.45%, currently trading $1,891.00 an ounce. The dollar index (DXY), which measure the strength of the United States’ dollar and is known for moving inversely to gold, is currently trading marginally bearish by 0.25%, trading 95.78 basis points.