By Gina Lee
Investing.com – Gold was down on Tuesday morning in Asia, . Climbing yields offset hopes for talks that Russia and Ukraine will resume later in the week to resolve the conflict in Ukraine.
fell 0.93% to $1,921.70 by 1 AM ET (5 AM GMT). The , which normally moves inversely to gold, inched down on Tuesday held firm at a three-week high hit in the previous session. The benchmark U.S. 10-year note were also near three-year highs.
Ukraine and Russia are set to resume face-to-face peace talks in Istanbul, Turkey, later in the day. Ukraine said that its top objective at the talks is to secure a ceasefire to the fighting triggered by the Russian invasion on Feb. 24, although it is joined by the U.S. in its skepticism of a breakthrough.
In Asia Pacific, China’s net gold imports through Hong Kong slumped 13.7% to their lowest level in nearly a year in February 2022 due to the Lunar New Year holidays and high prices, according to official data.
The financial hub of Shanghai also reported a record 4,381 asymptomatic COVID-19 cases and 96 symptomatic cases for March 28, according to the city government’s official WeChat account. The city also remains under a two-stage, nine-day lockdown.
Two gold industry associations said on Monday that they are working with miners, refiners, traders, and shippers to create a database of gold bars in an effort to prevent trade in counterfeit metal and allow buyers of bullion to trace its origin.
In other precious metals, and were up 0.3% and 0.4% respectively, while inched down 0.1%.
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