Gold Slips From Over 8-Month High

Gold fell on Monday after hitting its highest level in more than eight months, as demand for safe havens waned after the US and Russian presidents announced their intention to hold a summit on the Ukraine crisis, and the metal came under further pressure from an expected interest rate hike by the Federal Reserve.

And gold fell in immediate transactions 0.3 percent to $ 1891.33 an ounce, retreating from the highest level in the session at 1908.02 dollars, its highest level since the third of June. US gold futures fell 0.3 percent to $1,894.20.

The White House said on Sunday that US President Joe Biden has agreed in principle to hold a summit with Russian President Vladimir Putin on the Ukraine crisis after the two countries’ foreign ministers meet next week and if there is no invasion.

As for other precious metals, silver fell in spot transactions 0.9 percent to $23.75 an ounce, and platinum rose 0.2 percent to $1069.87.

Palladium fell 1.6 percent to $2,308.23.