WASHINGTON (dpa-AFX) - Gold prices fell on Wednesday, weighed down by a stronger dollar and U.S. Treasury yields.
Spot gold fell 1.7 percent to $2,014.61 per ounce, while U.S. gold futures were down 1.2 percent at $2,019.15.
U.S. Treasury yields rose today despite renewed concerns about how the Russia-Ukraine war could intensify price pressures.
Equities are on the rise as investors took a breather from a sell-off fueled by escalating tensions in Ukraine.
U.S. President Joe Biden announced a ban on U.S imports of Russian oil in consultation with European allies, who rely heavily more heavily than the U.S. on Russian energy.
The U.K. said it would phase out the import of Russian oil and oil products by the end of 2022. The EU didn't follow suit and said the bloc could become fully independent of Russian gas, oil and coal by 2030.
Analysts said the ban may have muted effect without other countries joining in step.
Meanwhile, Ukraine President Volodymyr Zelensky said his country is no longer pressing for NATO membership, a delicate issue that was one of Russia's stated reasons for invading its pro-Western neighbor.
'NATO is not prepared to accept Ukraine,' he said. 'The alliance is afraid of controversial things, and confrontation with Russia.'
Separately, NATO secretary-general Jens Stoltenberg said there were credible reports Russian forces were targeting civilians in Ukraine and urged the Kremlin to ensure the war would not spread beyond.
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