Gold edged up slightly on Wednesday and the dollar weakened sharply amid signs of progress in negotiations between Russia and Ukraine to end their weeks-long conflict.
Spot gold was marginally higher at $1,920.12 per ounce while U.S. gold futures were up 0.3 percent at $1,918.50.
Moscow pledged to cut military operations around Kyiv and Chernihiv in an effort to de-escalate war.
Ukraine reacted with skepticism to the promise while the United States warned the threat isn’t over.
U.S President Joe Biden asked whether the Russian announcement was a sign of progress in the talks or an attempt by Moscow to buy time to continue its assault.
Moscow’s lead negotiator, Vladimir Medinsky, said that there is still “a long way to go” to reach a mutual agreement with Ukraine.
In economic releases, ADP private payrolls figures for March and final GDP data for the fourth quarter will be featured in the New York session.