The strengthening US dollar is currently putting pressure on gold around the $3,330 level as the political situation affects the market mood with investors watching developments around the Russia-Ukraine conflict.
At 9.15 am, the price of gold was at $3,331.46, which has remained stable since it opened in early trading on Tuesday in the Asian session.
Last Friday, US President Donald Trump met with Russian President Vladimir Putin to discuss a possible ceasefire with Ukraine, but the meeting is still unclear.
However, Donald Trump shared on his social media that the war could end if Ukrainian President Zelenskiy decides not to join the North Atlantic Treaty Organization (NATO).
The meeting between Trump and Zelenskiy, held earlier this week in Washington, focused on a peace agreement that is not just a ceasefire but real peace.
Investors are now cautiously awaiting the report of the minutes of the Federal Open Market Committee (FOMC) meeting for new clues on the next monetary policy.
Additionally, the Kansas Fed will host its annual Jackson Hole meeting later this week, where speeches from central bank leaders will be the main focus of the market.
