Gold Slips from US$1,900 per Ounce, Investors Doubt Biden and Putin Meeting!

Zikrul
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Gold Slips from US$1,900 per Ounce, Investors Doubt Biden and Putin Meeting!


Gold prices fell in volatile trading Tuesday morning (22/2/2022) in Asia after doubts arose over a summit between US President Joe Biden and Russian President Vladimir Putin to discuss the Ukraine crisis.

Despite the losses, gold remains near an eight-month high hit earlier. Spot gold fell 0.2 percent to trade at US$1,895.06 per ounce at 1544 GMT, down from a session high of US$1,908.03 which was its best level since June 3, 2021.

US gold futures also fell 0.2 percent to US $ 1,895.70 per ounce. Meanwhile, regular trading on the Comex Exchange was closed for the President's Day holiday.


"Recent headlines relating to Ukraine have greatly contributed to gold paring earlier losses as risk appetite has slipped once again," said Craig Erlam, Senior Market Analyst at OANDA.

He sees some resistance around the $1,900 level for gold prices. Chances are, he sees gold will hold around that level.

A summit between Russia and the US is expected to offer a possible way out of Europe's biggest military crisis in decades. The US dollar has been weakening. This condition limits the losses on gold which is priced at the US dollar exchange rate.


"(Gold) is holding up well. The last time we went up to this level, it ended up being a bullish trap and the market went down very sharply," said independent analyst Ross Norman.

Norman adds that he has seen some pretty good capital flows into ETFs or exchange-traded funds. An ETF is a collective investment contract whose units are traded on an exchange.

This is encouraging news, he said. SPDR Gold Trust, the world's largest gold ETF, said its holdings rose 0.5 percent on Friday (18/2/2022).




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