Gold futures fell after hitting their highest level in more than a week. Futures were down 0.2% at $2,625 an ounce. Trading in the precious metal was cautious given rising U.S. bond yields and a stronger dollar, which could weigh on prices in the coming weeks, said Rania Gule of XS.com. Despite the decline, gold continues to retain its appeal as a safe haven, Gule said in a note.
Rising geopolitical tensions between Russia and Ukraine remain a key factor supporting gold prices, reflecting persistent fears of escalation, Gule wrote. Still, the market is in a state of anticipation, as a number of changes could affect the direction of gold prices in the coming weeks, making technical and economic analysis complicated, she added.
Source: Bloomberg
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