Gold Price Analysis: XAU/USD falls back from $1900 level amid hopes for Ukraine crisis de-escalation By Frank_Macro XAUUSD Gold
ious metal’s highest levels since June 2021, spot gold prices have come off the boil on Friday. Spot prices have ebbed lower to trade near the $1890 mark, down slightly less than $10 or just under 0.5% on the day.of another face-to-face meeting next week between US Secretary of State Anthony Blinken and Russian Foreign Minister Sergey Lavrov has spurred hope that a diplomatic solution might yet be found between NATO and Russia regarding the Ukraine stand-off.
US press reported that Lavrov agreed to attend talks on the condition that there would not be an invasion of Ukraine, easing fears of an imminent assault. Russian press also reported that there will be a call between the Russian Defense Minister and his US counterpart this Friday. Hopes that diplomacy might yet win through have undermined appetite for safe-havens like gold.
But tensions between Ukraine armed forces and pro-Russia separatists in the country’s East remain elevated after the worst day of ceasefire violations since 2015 on Thursday. Moreover, Russia will be conducting military drills on Saturday that are to be personally overseen by Russian President Vladimir Putin.
Gold traders will also be keeping an eye on Fed speak on Friday from some influential policymakers including board of governors member Christopher Waller, Vice President Lael Brainard and NY Fed President John Williams. Markets will be looking to assess the degree to which there is a preference for a 25 or 50bps rate hike in March, as the views of these policymakers would likely reflect that of the mainstream at the Fed.
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