Gold Sees Flat Moves After Russia Announces Further Pullback Of Troops From Ukraine Borders

16 Feb 2022 , 01:07 PM

COMEX Gold futures stabilized after a sharp slide today but the safe haven buying continued to turn lower amid sustained softening of geopolitical worries. Media reports noted today that Russian military drills in Crimea had ended and that soldiers were returning now. Russia had already announced a first troop pullback from Ukraines borders yesterday, leading to a sharp correction in Gold as the metal fell from an eight month top. The commodity currently trades flat at $1856 per ounce as markets are trying to assess the other relevant dynamics like US interest rates and await further clarity on the Ukraine front. MCX Gold tanked heavily yesterday after failing to hold above Rs 50000 per 10 grams and currently trade at Rs 49324 per 10 grams, down 0.12% on the day.

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