Gold prices decline amid expectations of new sanctions against Russia

Gold prices fell in trading today, Tuesday, with the continued stability of the US dollar, amid increasing expectations of imposing new sanctions against Russia, and the Federal Reserve raising interest rates further to control high inflation rates.

And the spot price of gold decreased by 0.2% to reach $ 1928.52 an ounce, and the US gold futures contract fell by 0.1% to reach $ 1931.70.

The dollar index settled after three consecutive sessions of gains as talks increased over more sanctions against Moscow, and a strong dollar made gold less attractive to holders of other currencies.

The United States and Europe are planning new sanctions against the capital, Moscow, for the killings of civilians in Ukraine. Ukrainian President Volodymyr Zelensky has warned of expectations that more deaths will be discovered in the areas captured by Russian invaders.

US two-year Treasury yields rose to their highest level since early 2019 and 10-year yields rose on Monday, and higher yields increase the opportunity cost of holding non-interest-bearing gold bars.