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A significant drop in gold prices today… What is the reason?

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Gold prices fell today, Tuesday, March 15, 2022 globally, against the background of Russian-Ukrainian talks to stop the war, as well as rising US interest rates.

Gold extended its decline on Tuesday, as ceasefire talks between Russia and Ukraine reduced demand for safe-haven assets, while expectations rose that the US Federal Reserve would raise interest rates for the first time. once in three years, increasing pressure on the yellow metal.

gold price today

And the price of gold in spot transactions fell 1.2% to $1,928.58 an ounce (one ounce) at 1032 GMT, after earlier touching its lowest level since March 3 at $1,924.56. .

US gold futures fell 1.5 percent to $130.70.

“Safe-haven gold demand has been hit by hopes, albeit dim, that Ukraine-Russia talks will lead to a de-escalation,” said Ricardo Evangelista, chief analyst at ActivTrades.

Interest rates

The US Central Bank is expected to announce at the end of its two-day meeting on Wednesday that it will increase borrowing costs by a quarter of a percentage point.

Among other precious metals, the spot price of palladium rose 1.7% to $2,428.72 an ounce, after posting its weakest session in two years on Monday as supply concerns eased.

The price of silver in spot transactions fell 1.8 percent to $24.58 an ounce, and platinum also fell 1.8 percent to $1,012.04.

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