Gold dips on Putin''s comments on Ukraine talks, US rate hike bets
Zee News
Spot gold was down 1.1% to $1,973.80 per ounce by 1531 GMT, but remained poised for a weekly rise of about 0.3%.
New Delhi: Gold retreated on Friday as Russian President Vladimir Putin`s comments on making some progress in talks with Ukraine eased demand for the safe-haven asset that was further pressured by the likelihood that the U.S. interest rates were set to rise.
Spot gold was down 1.1% to $1,973.80 per ounce by 1531 GMT, but remained poised for a weekly rise of about 0.3% as concerns over the course of the Ukraine conflict kept investors on their toes. U.S. gold futures fell 0.9% to $1,981.80.
"Many positive fundamental factors, like inflation and supply chain disruption still remain... but in the short term, we might have priced a good amount of those into the market," said David Meger, director of metals trading at High Ridge Futures, adding Friday`s moves were a correction off of recent highs.
With U.S. inflation ballooning in February, bets that the central bank will raise its benchmark overnight interest rate by at least 25 basis points on March 16, stood at 94%, according to CME`s FedWatch.
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