Gold eases off 9-month peak as investors eye Ukraine developments

Shafaq News / Gold hit its highest in nearly nine months on Tuesday before pulling back as investors waiting for developments in the Ukraine crisis repositioned near the pivotal $1,900 an ounce mark.

Spot gold was down 0.2% at $1,902.71 per ounce by 14:06 ET (1906 GMT), having hit its highest since June 1 at $1,913.89. U.S. gold futures settled 0.4% higher at $1,907.40.

Wall Street's main indexes slumped as the prospect of harsh Western sanctions against Russia over its conflict with Ukraine kept investors on edge, while oil prices hit their highest level since 2014.

The Biden administration could deprive Russia of a vast swath of low- and high-tech U.S. and foreign-made goods, people familiar with the matter told Reuters, if it further invades Ukraine.

Meanwhile, spot silver was up 1.1% at $24.19 an ounce after touching its highest in a month at $24.35. Palladium fell 0.8% to $2,368.84, having earlier reached its highest since Jan. 31 at $2,433.

Platinum rose 0.1%to $1,075.09.

Source: Reuters