WASHINGTON (dpa-AFX) - Gold prices fell on Tuesday after having hit a three-month peak on Monday amid heightened concerns about the possibility of Russia's invasion on Ukraine.
Spot gold dipped 0.9 percent to $1,854.50 per ounce, while U.S. gold futures were down 0.7 percent at $1,855.55.
The Russian military today said that some of its troops are expected to return to bases as a number of drills have finished.
There is a certain relief in the Ukraine-Russian crisis as the two sides seem willing to continue their diplomatic efforts to avoid a military action.
German Chancellor Olaf Scholz said the West is open to dialogue about Russia's security concerns, but will impose sanctions if it invades Ukraine.
A Russian invasion of Ukraine remains highly likely, British foreign secretary Liz Truss has warned.
Prime Minister Boris Johnson and U.S. President Joe Biden agreed in a call on Monday there was a crucial window for diplomacy.
Investors were also reacting to comments from St. Louis Federal Reserve President James Bullard reiterating support for a faster removal of policy accommodation also weighed on the currency.
'I do think we need to front-load more of our planned removal of accommodation than we would have previously,' Bullard told in an interview with CNBC.
In economic releases, U.S. PPI for January and New York Fed's empire manufacturing survey for February are set to be released in the New York session.
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