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PRECIOUS-Gold slips as dollar firms, investors focus on Ukraine conflict

Category: Economy

Date: 2022-03-02T08:25:24+0000
PRECIOUS-Gold slips as dollar firms, investors focus on Ukraine conflict

Shafaq News/ Gold prices dipped in early Asian trade on Wednesday, as the dollar ticked higher, outweighing safe-haven demand fuelled by the intensifying Russia-Ukraine conflict.

* Spot gold was down 0.4% to $1,935.38 per ounce by 0146 GMT. U.S. gold futures also fell 0.4% to $1,936.50.

* The metal rose about 6.5% in February, hitting an 18-month high of $1,973.96 last week.

* The dollar index held close to a 20-month high touched on Tuesday, making gold less attractive for holders of other currencies. [USD/]

* Ukraine's besieged cities were bracing for more attacks on Wednesday, as Russian commanders facing fierce Ukrainian resistance intensify their bombardment of urban areas in a push toward the capital Kyiv.

* Russian and Ukrainian negotiators met over a ceasefire on Monday but talks broke down with no further rounds yet announced.

* The steady drum beat of U.S. companies taking a stance increased as rockets struck major cities in Ukraine.

* Gold is considered a safe store of value during times of such uncertainties and also a hedge against higher inflation.

Source: Reuters

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