Gold retreated slightly from the key $1,900 U.S. level on Friday as a potential Russia-U.S. meeting cooled some nerves about an escalation in the Ukraine conflict, but the recent rally set bullion up for a third straight weekly gain.
Spot gold fell 0.5% to $1,887.71 U.S. per ounce Friday morning, after earlier touching its highest since June 2021 at $1,902.22 en route to post a weekly gain of about 1.5%.
U.S. gold futures fell 0.7% to $1,889.20.
The U.S.-Russia meeting slated for next week is likely to keep a lid on gold, although there could be some selling interest going into the weekend, especially with a U.S. holiday on Monday.
U.S. Secretary of State Antony Blinken agreed to a meeting with Russia’s foreign minister Sergei Lavrov, boosting hopes of an end to the standoff.
Finance leaders from the Group of 20 major economies were set on Friday to agree that rising inflation and geopolitical risks could threaten a fragile global recovery, as the Ukraine crisis and the pandemic cloud the outlook.
Spot silver inched 0.3% to $23.73 U.S., and palladium fell 2.8% to $2,300.68 U.S., with silver set for a weekly gain and palladium inching lower for the week.
Platinum was down 0.5% to $1,083.63 U.S. It surged about 5.5% this week, its highest weekly gain since mid January.