Gold flat on firmer US dollar, yields; Ukraine conflict in focus

Gold flat on firmer US dollar, yields; Ukraine conflict in focus

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Gold prices were flat on Tuesday as the U.S. dollar held firm at a three-week high scaled in the previous session and yields climbed, while investors refrained from making big bets ahead of Russia-Ukraine peace talks starting later in the day.

FUNDAMENTALS

* Spot gold was flat at $1,925.86 per ounce, as of 0218 GMT. U.S. gold futures were down 0.7% at $1,926.00.

* The dollar index held firm near a three-week high hit in the previous session, making gold more expensive for other currency holders.

* U.S. benchmark 10-year note hovered close to near three-year highs, and higher yields increase the opportunity cost of holding non-yielding bullion.

* Ukraine said its top objective at the first face-to-face talks with Russia in more than two weeks, due to take place in Turkey on Tuesday, is to secure a ceasefire, although both it and the United States were skeptical of a major breakthrough.

* China's net gold imports through Hong Kong fell 13.7% in February to their lowest level in nearly a year, official data showed, as Lunar New Year holidays and high prices dented demand.

* China's financial hub of Shanghai reported a record 4,381 asymptomatic COVID-19 cases and 96 symptomatic cases for March 28, the city