Gold fell for the first time in 8 sessions on the decline of geopolitical tensions

The price of gold fell for the first time in eight trading sessions amid the weakening of geopolitical tensions, which reduced the attractiveness of this precious metal as a safe asset. 

The current gold quote is $1.857.85 per ounce (the local minimum was marked at $1.851.85). 

Earlier, ativ rose to its maximum since mid-November due to geopolitical tensions on the Russian-Ukrainian border ($1.1869 per troy ounce). And today gold has fallen in price against the background of a possible «retreat of Russia and Ukraine from the brink of war.»

As you know, recently the idea of the invasion of Russian troops into the territory of Ukraine on February 15-16 has been forced on the Internet and American and European media. However, as the Russian side stated, no invasion took place, and Russia began to withdraw its troops from the border. All news about the invasion is officially recognized as fake. 

At the same time, the quotations of the main non-ferrous metals that Russia exports (including aluminum and nickel) practically did not react to political events. Analysts note that the balance of supply and demand plays a more significant role in these markets.

March silver contracts fell to 23,293 per ounce, recovering later to 23,582. The price of contracts for platinum for delivery in April decreased by 0.7% and amounted to $1020.4 per ounce, for palladium for delivery in March – by 4%, to $2252.3 per ounce.