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Home » Commodities News » Gold eases from 2-week high on cooling geopolitical tensions

Gold eases from 2-week high on cooling geopolitical tensions

Written by Miroslav Marinov
Miroslav Marinov
Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.
, | Updated:

Spot Gold pulled back from a 2-week high of $3,409.43 on Monday, as cooling geopolitical tensions surrounding the war in Ukraine weighed on the metal’s safe-haven appeal.

US President Donald Trump said on Friday he would meet Russia’s President Vladimir Putin on August 15th in Alaska to discuss an end to the conflict in Ukraine.

Meanwhile, market players awaited the key US CPI inflation data, due on Tuesday, that may provide further clues over the Federal Reserve’s monetary easing path.

“A hot print could further strengthen the dollar and cap gains on gold, though I suspect support will remain in place overall as investors seek to scoop up discounts,” City Index senior analyst Matt Simpson was quoted as saying by Reuters.

Markets are now pricing in a 90% chance of a 25 basis point rate cut in September.

Spot Gold was last down 0.88% on the day to trade at $3,367.91 per troy ounce.

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