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Gold price fall to a week-low; Spot gold reaches $1,942.96 per ounce

Gold price fall to a week-low; Spot gold reaches $1,942.96 per ounce

A market authority said last week that Russian refiners can continue to sell platinum and palladium in London, the world's biggest precious metals trading centre.

Gold price fall to a week-low; Spot gold reaches $1,942.96 per ounce (Photo: Reuters) Gold price fall to a week-low; Spot gold reaches $1,942.96 per ounce (Photo: Reuters)

Gold prices fell on Tuesday to their lowest in more than a week, as US Treasury yields surged ahead of an expected rate hike from the Federal Reserve, and as hopes for progress in Russia-Ukraine talks further dampened the metal's safe-haven appeal.

FUNDAMENTALS

* Spot gold was down 0.4% at $1,942.96 per ounce by 0121 GMT, after touching its lowest since March 4 at $1,940 earlier in the session. US gold futures fell 0.5% to $1,951.20.

* US Treasury yields jumped to two-and-a-half-year highs on Monday, ahead of what is expected to be the Fed's first rate hike in three years on Wednesday to try to tame soaring inflation that shows no signs of slowing.

* Gold is highly sensitive to rising US interest rates, which increase the opportunity cost of holding non-yielding bullion.

* Russian and Ukrainian delegations held a fourth round of talks on Monday - by video link rather than in person - but no new progress was announced. Discussions were due to resume on Tuesday.

* Palladium , used by automakers in catalytic converters to curb emissions, fell 1% to $2,363.06 per ounce, after declining more than 15% in the previous session on easing supply fears.

* Russian mining giant Nornickel's biggest shareholder told Russian RBC TV on Saturday that the group had managed to secure alternative routes for its palladium deliveries even as it faced logistical constraints.

* A market authority said last week that Russian refiners can continue to sell platinum and palladium in London, the world's biggest precious metals trading centre.

* The auto-catalyst metal hit a record high of $3,440.76 last week, driven by fears of supply disruptions from top producer Russia.

* Spot silver shed 0.4% to $24.92 per ounce, while platinum was down 0.1% to $1,029.16.

 
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Published on: Mar 15, 2022, 9:44 AM IST
Posted by: Tarab Zaidi, Mar 15, 2022, 9:22 AM IST