Precious Metals Give up Gains After Biden Announces Sanctions on Russia

Precious metals gave up gains, gold fell below $1,900 an ounce and palladium fell more than 5% as stocks rebounded after US President Joe Biden unveiled tough new sanctions against Russia on Thursday.

And the price of gold in spot transactions fell 0.6 percent to $ 1895.76 an ounce, after earlier touching its highest level since September 2020 at $ 1973.96.

Palladium fell 4.3 percent to $2,375.02, after hitting its highest level since July at $2,711.18 earlier in the session.

Platinum fell 3.4 percent to $1,054.80, after climbing to $1,126.18. Silver fell 1.7 percent to $24.10.