Uncertainty in the market following the possibility of more sanctions against Russia has given support for gold trading to post little gains.
World outrage rose on Monday following the discovery of a mass grave and the bodies of civilians tied up shot at close range were found in a town taken back from the Russian army, namely Bucha.
The massacre of civilians in northern Ukraine has sparked various calls for tougher sanctions on Russia.
With more sanctions imposed on Russia, the economy will continue to be under pressure and this is driving demand for the precious metal gold as a safe-haven.
However, at the same time the movement of gold is also limited due to investor vigilance ahead of the publication of the FOMC meeting minutes report which is expected to see more aggressive indications of the Federal Reserve (Fed) for more aggressive tightening.
During the Asian session, spot gold traded hovering around $ 1,930 per ounce with limited trading following the strengthening US dollar and higher US treasury yields.
Meanwhile, investors ’attention will be focused on the release of US ISM services data and a speech from Fed policymaker Lael Brainard today.
