WASHINGTON (dpa-AFX) - Gold prices were little changed on Monday, after having hit a more than eight-month high earlier in the day.
Spot gold was marginally lower at $1,897.59 per ounce, while U.S. gold futures were virtually unchanged at $1,899.80.
Equities held steady as news of a summit between U.S. President Joe Biden and Russian counterpart Vladimir Putin fueled hopes for a diplomatic solution to the Ukraine conflict.
The summit would occur after a meeting between U.S. Secretary of State Antony Blinken and Russian Foreign Minister Sergey Lavrov on Thursday.
U.S. officials said that the proposed summit would happen only if Russia did not attack Ukraine.
The potential breakthrough came after an increase in shellings across the line dividing Ukrainian forces and Russian-backed rebels and the U.S. warning of an invasion of Ukraine in the coming days.
On Sunday, Russia extended military drills in Belarus, citing an increase in tensions along the Ukraine border.
In economic releases, data showed earlier in the day that the euro zone economy regained momentum in February, but high inflation persisted in services and manufacturing, adding to reasons for the European Central Bank to become more hawkish.
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