May 20: Gold prices experienced a slight decrease on Tuesday, influenced by a recovering dollar and growing optimism regarding a potential ceasefire between Russia and Ukraine. This development has reduced investor demand for safe-haven assets like gold.
Spot gold fell by 0.4% to $3,215.31 an ounce, while U.S. gold futures declined by 0.5% to $3,218.40. The dollar slightly recovered, making dollar-priced gold less attractive to holders of other currencies.
Optimism surrounding a potential truce between Russia and Ukraine contributed to the easing of gold prices. U.S. President Donald Trump spoke with President Vladimir Putin on Monday, indicating that negotiations toward a ceasefire would commence immediately.