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Gold prices drifted lower on Monday as investors picked up riskier assets such as equities amid hopes a fresh round of diplomatic talks between Russia and Ukraine might help bring about a solution to the conflict between the two countries.
A jump in bond yields supported gold’s uptick. The 10-year Treasury yield rose to 2.08%, the highest point since July 2019, with the focus shifting to Ukraine peace talks, and ahead of the policy meetings of the Fed and the Bank of England.
The dollar’s weakness helped limit gold’s losses. The dollar index dropped to a low of 98.68, losing nearly 0.4%, ahead of the Federal Reserve’s two-day monetary policy meeting that gets underway on Tuesday.
Gold futures for April ended lower by $24.20 or about 1.2% at $1,960.80 an ounce, off the day’s low of $1,952.00.
Silver futures for May ended down by $0.862 at $25.298 an ounce, while Copper futures for May settled at $4.5230 per pound, down $0.1025 from the previous close.
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