Gold prices edged higher on Tuesday as the focus shifted to the U.S.-Russia bilateral talks on Ukraine.
Spot gold rose half a percent to $2,912.55 per ounce in European trade while U.S. gold futures were up 0.9 percent at $2,925.71.
U.S. and Russian officials have started the highest-level talks in Riyadh about the war in Ukraine.
European officials are not part of these discussions, with Volodymyr Zelenskyy warning his country will not recognize peace deals made without Ukrainian participation.
The private talks between Trump and Putin have raised fears that the EU’s role in Ukraine’s future could be sidelined.
Meanwhile, a senior Russian official said that Ukrainian drones had attacked a pipeline in Russia which pumps about 1 percent of global crude supply.
CPC, whose largest shareholder is Russia with 24 percent, said today that the Kropotkinskaya pumping station of the crude oil transportation facility was subject to a drone attack.
The U.S. economic calendar remains light this week, with Wednesday’s FOMC minutes likely to garner some attention.
Federal Reserve Governor Christopher Waller noted late Monday that recent economic data support keeping interest rates on hold, but officials can get back to cutting rates at some point this year, if inflation behaves as it did in 2024.
Separately, Michelle Bowman, Governor of the Federal Reserve, said that she wants to see more progress on inflation before deciding on another rate cut.
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