Gold Prices Trades below $1,300; Ukraine Elections in Focus

Gold futures were seen trading slightly lower on Tuesday, during the Asian trading session as traders focus on Ukraine’s upcoming presidential election scheduled for May 25.

Gold futures edged 0.29% lower at $1,290.10 an ounce on the comex in New York at the time of writing, while futures for silver lost 0.22% to $19.310 an ounce at the same time. The US dollar, which advanced 1.7% higher against the 17-nation euro currency in the last two weeks, was slightly changed before the release of the Federal Reserve’s April 29-30 meeting minutes scheduled for Wednesday.

Gold – Ukraine

As traders focus on Ukraine’s presidential election which is scheduled for Sunday, tensions in the eastern region of the country eased after the Russian President Putin ordered Russian troops in Rostov, Belgorod and Bryansk regions to withdraw from the Ukrainian boarder.

Tensions in Ukraine spurred the commodity’s safe-haven status as the prices for the metal climbed 7.5% this year due to the country’s turmoil.

Assets in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, came in at 2.70 tons lower to 782.85 tons on Friday.

Philadelphia’s Fed President Charles Plosser is expected to give a speech later in the day in Washington, while the Fed President of New York, William Dudley is also expected to speak in New York Today. The Central bank has reduced its asset purchases at each of its monthly policy meeting for the past three months to $45 billion per month.

 

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