Gold Pauses As Safe Haven Buying Ebbs

Published on Feb 16, 2022 16:59

COMEX Gold futures stabilized today after a sharp slide in last session 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 Ukraine`s 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.