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Lower As Remarks Provide Hope For Russia-Ukraine Resolution “Within Days”


Gold trades ~$15/oz lower to print $1,974/oz, operating a touch above session lows at typing. The move lower was facilitated by elevated hope over the weekend re: a diplomatic resolution to the Russia-Ukraine conflict, helping to remove some of the geopolitical risk premium in the precious metal.

  • To elaborate, officials from both Russia and Ukraine expressed optimism on Sunday for “concrete results” and “documents to be signed” within “a few days”. The statements come after Russian President Putin noted “positive shifts” in talks on Friday, while both sides have revealed that they have been having “continuous” discussions through video calls over the weekend. Looking ahead, focus will turn to a fresh round of negotiations via videoconferencing, due to take place on Monday (touted to get underway at 0830 GMT).
  • A reminder that these developments come sharp on the heels of “high-level” talks between the FMs of Russia and Ukraine last Thursday, with Ukrainian FM Kuleba later describing that meeting as having made “zero progress”. There are also signs of potential escalation in the conflict, with reports pointing to Russian President Putin approving the participation of up to 16’000 volunteer fighters from the Middle East, to be deployed alongside Ukrainian separatist forces in the Donbas.
  • In terms of technical levels, support for gold is situated at $1,958.8/oz (Mar 11 low), while resistance is eyed at $1,999.1/oz (Mar 11 high).
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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