Gold Below $1290 on Ukraine Tensions

Gold fell to its lowest in a week on Monday as the euro hovered near a one-month low on fears of policy action from the European Central Bank, shrugging off safe-haven demand from escalating violence in Ukraine.

Spot gold eased 0.5 percent to $1,282.50 an ounce by 0028 GMT, after dropping for two straight weeks. It fell to a one-week low of $1,279.60 earlier in the session.

The euro has lost more than 1 percent since Thursday when Mario Draghi said the bank was ready to take action next month should updated inflation forecasts merit it. A stronger dollar in turn makes bullion more expensive for holders of other currencies.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.