Gold prices were moving lower on Tuesday, even as the dollar retreated for the first time in six days amid ceasefire talks between Russia and Ukraine in Turkey.
Spot gold dipped 0.6 percent to $1,912.35 per ounce, while U.S. gold futures were down as much as 1.5 percent at $1,911.30.
The U.S. dollar was slightly lower, just off its highest since May 2020. The Japanese yen hit a seven-year low after the Bank of Japan vowed to defend a key yield cap, offering to buy unlimited government bonds for the first four days of this week in the face of mounting inflationary pressures.
U.S. Treasuries resumed a sell-off, pushing up yields for shorter dated maturities. Euro zone bond yields also surged, with France’s two-year bond yield turning positive for the first time since January 2015, amid expectations that soaring inflation will prompt major central banks including the European Central Bank to tighten monetary policy faster than earlier anticipated.