WASHINGTON (dpa-AFX) - Gold prices have moved sharply higher during trading on Wednesday, largely offsetting the sharp pullback seen in the previous session.
Gold for April delivery has surged $103.60 or 2.1 percent to $5,009.50 an ounce after plunging $140.40 or 2.8 percent to $4,905.90 an ounce on Tuesday.
The rebound by the price of gold may have reflected renewed geopolitical concerns after Vice President JD Vance said Iran failed to address core U.S. demands in nuclear talks earlier this week.
'In some ways it went well, they agreed to meet afterwards,' Vance told Fox News. 'But in other ways it is very clear that the president has set some red lines that the Iranians are not yet willing to actually acknowledge and work through.'
Vance also said President Donald Trump reserves the right to use military force if diplomacy fails, noting, 'We do have a very powerful military - the president has shown a willingness to use it.'
Meanwhile, Russian and Ukrainian delegations have ended the first day of U.S.-brokered peace talks in Geneva, with Ukrainian President Volodymyr Zelenskyy describing the discussions as 'difficult.'
The sharp increase by the price of gold also comes as traders look ahead to the release of the minutes of the Federal Reserve's latest monetary policy meeting, which may shed light on the outlook for interest rates.
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