Gold drop 1.2%, dip for silver and palladium

Gold fell sharply on Monday as investors watched the Russian invasion of Ukraine and waited for the Federal Reserve monetary policy decisions in the middle of the week.

The fierce fighting in Ukraine, with the country’s largest cities in the east and Kyiv being bombed on a daily basis, has not derailed diplomatic efforts, with talks continuing today. The two sides cut off contacts for technical reasons and are expected to resume talks tomorrow, keeping alive hopes for a diplomatic solution.

In this context, the April gold delivery contract lost $ 24.20 or 1.2% and closed at $ 1,960.80 per ounce.

Silver also lost big, with its May contract falling 86 cents, or 3.3%, to $ 25,298 an ounce. May copper plunged 2.2% to $ 4,523 a pound.

As for the rest of the metals, April platinum fell 3.3% to $ 1,052.30 per ounce, while palladium in June fell 13.6% to $ 2,417.60 per ounce. Palladium had recently climbed to new historic highs amid concerns over supplies from Russia.