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    Gold prices rise as dollar, yields fall amid progress in Russia-Ukraine talks

    Gold prices rise as dollar, yields fall amid progress in Russia-Ukraine talks

    Gold prices rise as dollar, yields fall amid progress in Russia-Ukraine talks
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    By CNBCTV18.com  IST (Updated)

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    Spot gold gained 0.3 percent to $1,923.95 per ounce by 0210 GMT, while US gold futures rose 0.5 percent at $1,927.70. The yellow metal fell as much as 1.8 percent on Tuesday to its lowest since February 28 at $1,889.45.

    Gold prices rose on Wednesday as the US dollar and Treasury yields fell, despite signs of progress in Russia-Ukraine peace talks dented the metal's appeal as a safe haven and kept gains in check.
    Spot gold gained 0.3 percent to $1,923.95 per ounce by 0210 GMT, while US gold futures rose 0.5 percent at $1,927.70. The yellow metal fell as much as 1.8 percent on Tuesday to its lowest since February 28 at $1,889.45.
    "(Weaker) dollar has provided a level of support for gold...bond prices bounced from a key level of support yesterday which helped push yields lower despite the supposed risk-on rally seen across equities. And that's provided another pillar of support for gold," Reuters quoted as saying City Index senior market analyst Matt Simpson.
    Underpinning gold, investors remained wary over Russia's true intentions over their pledge to scale down 'military operations', he added.
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    Ukraine reacted with scepticism to Russia's promise in negotiations to scale down military operations around Kyiv and another city as some Western countries expected Moscow to intensify its offensive in other parts of the country.
    The dollar index fell to a more than one-week low in the previous session, making gold less expensive for other currency holders.
    US benchmark 10-year yields also slipped from near three-year highs, and lower yields decrease the opportunity cost of holding non-yielding bullion.
    Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, slipped 0.2 percent to 1,091.44 tonnes on Tuesday. Spot silver was up 0.1 percent at $24.78 per ounce and platinum rose 0.9 percent to $991.49.
    Palladium gained 1.5 percent to $2,182.15, after dipping to a more than two-month low of $2,032.97 in the last session.
    The auto-catalyst metal has tumbled nearly 40 percent since scaling an all-time peak on March 7 as supply concerns from Russia eased.
    -With agency inputs
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