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Bloomberg
Gold extended losses after posting the biggest decline in 14 months as risk sentiment improved following indications that Ukraine is ready for a diplomatic solution with Russia.
Bullion is paring some of its gains this year as demand for haven assets eases following remarks from a top foreign policy aide to President Volodymyr Zelenskiy.
The official said Ukraine is open to discussing Russia’s demand of neutrality as long as it’s given security guarantees — though it won’t surrender a “single inch†of territory. Asian stocks joined a global equities rebound on Thursday.
The precious metal and various other commodities such as oil and wheat are coming off their recent highs, although concerns remain over the threat of an inflationary shock to the global economy just as the Federal Reserve prepares to raise interest rates.
Investors continue to turn to gold as a store of value, with holdings in bullion-backed
exchange-traded funds at the highest in a year, according
to initial data compiled by Bloomberg.