Gold losses after seven bullish sessions

Gold fell on Tuesday as Russia took a step to stop the escalation of the Ukrainian crisis, announcing that it would withdraw a small part of its forces from the Ukrainian border.

Gold for April delivery lost $ 13.20, or 0.7%, at $ 1,856.20 an ounce. The precious metal completed seven consecutive uptrends yesterday, climbing to the highest point since November 17.

The threat of war in Eastern Europe, as well as concerns about the prospects for a global economic recovery in an environment less supportive of central banks due to the inflation rally, gave a strong impetus to the precious metal, which is considered a safe haven in times of heightened uncertainty.

Meanwhile, March silver lost 51 cents, or 2.1 percent, to $ 23,342 an ounce, while March copper gained 0.5 percent to $ 4,532 a pound.

As for the rest of the metals, April platinum lost 0.7% to $ 1,020.40 per ounce, while palladium in March fell 4% to $ 2,252.30 per ounce as risks to supply declined due to de-escalation. of the crisis. Russia is one of the largest producers of platinum and palladium in the world. On Monday, the precious metal gained almost 7%.