By Gina Lee
Investing.com – Gold was down on Tuesday morning in Asia, alongside the dollar. Climbing yields offset hopes for talks that Russia and Ukraine will resume later in the week to resolve the conflict in Ukraine.
Gold futures fell 0.93% to $1,921.70 by 1 AM ET (5 AM GMT). The dollar, which normally moves inversely to gold, inched down on Tuesday held firm at a three-week high hit in the previous session. The benchmark U.S. 10-year note were also near three-year highs.
Ukraine and Russia are set to resume face-to-face peace talks in Istanbul, Turkey, later in the day. Ukraine said that its top objective at the talks is to secure a ceasefire to the fighting triggered by the Russian invasion on Feb. 24, although it is joined by the U.S. in its skepticism of a breakthrough.
In Asia Pacific, China’s net gold imports through Hong Kong slumped 13.7% to their lowest level in nearly a year in February 2022 due to the Lunar New Year holidays and high prices, according to official data.
The financial hub of Shanghai also reported a record 4,381 asymptomatic COVID-19 cases and 96 symptomatic cases for March 28, according to the city government’s official WeChat account. The city also remains under a two-stage, nine-day lockdown.
Two gold industry associations said on Monday that they are working with miners, refiners, traders, and shippers to create a database of gold bars in an effort to prevent trade in counterfeit metal and allow buyers of bullion to trace its origin.
In other precious metals, silver and palladium were up 0.3% and 0.4% respectively, while platinum inched down 0.1%.
Source : Investing.com