Gold’s gains stalled as investors awaited further developments in the Russia -Ukraine conflict, seeing the precious metal traded hovering around $ 1,900 an ounce in the Asian session.
At the time of writing, gold trades little changed at $ 1,899 an ounce, not far from the eight -month high of $ 1,913 it touched on Tuesday. Gold futures, meanwhile, hovered at $ 1,901 an ounce.
Demand for the yellow metal has stagnated following a resurgence of 10 -year U.S. bond yields following the announcement of U.S. and European sanctions on Russia deploying its troops to eastern Ukraine.
Most recently, the United States, the European Union (EU) and the UK announced sanctions targeting large banks and officials, while Germany halted its main gas pipeline project from Russia.
Aside from the usual threat the U.S. claims that Russia will invade Ukraine, no recent developments threatening the market are currently causing the movement of the precious metal to flatten.
