Gold prices drifted lower on Wednesday as global equities surged higher amid hopes of some progress in Russia-Ukraine peace talks and on news China has pledged to announce more economic stimulus to boost growth.
The dollar shed some ground ahead of the Federal Reserve’s policy announcement, but the yellow metal still failed to garner enough support to move above the unchanged line.
Gold futures for April ended down by $20.50 or about 1.1% at $1,909.20 an ounce.
Silver futures for May ended lower by $0.448 at $24.710 an ounce, while Copper futures settled at $
The Chinese government has reassured investors by promising support for its struggling real estate industry, internet companies and entrepreneurs.
In geopolitical news, Ukrainian President Volodymyr Zelenskyy said during an address to the nation that the positions in the negotiations were beginning to “sound more realistic,” while Russian Foreign Minister Sergey Lavrov told the BBC there was “some hope of reaching a compromise.”
Data from the Commerce Department showed retail sales in the U.S. rose by 0.3% in February after soaring by an upwardly revised 4.9% in January. Economists had expected retail sales to increase by 0.4% compared to the 3.8% spike originally reported for the previous month.
A report from the Labor Department showed import prices jumped by 1.4% in February after surging by a downwardly revised 1.9% in January. Economists had expected import prices to shoot up by 1.5% compared to the 2% spike originally reported for the previous month.