Gold prices remain below $2,000 per ounce

Gold prices fell slightly on March 11 morning to below $2,000 per troy ounce. Markets continue to monitor the situation around Russia and Ukraine, Report informs referring to the auction data.

Thus, the price of April futures for gold on the New York Comex stock exchange fell by $8.1, or 0.4%, to $1,992.3 per troy ounce. May futures for silver fell 0.48% to $26.13 an ounce.

At the beginning of the week, gold was mainly rising in price, in two days its value increased by a total of 3.9%. The precious metal rose in price as a safe-haven asset against the backdrop of increased geopolitical risks. Later, traders began to gradually return to risk, while maintaining caution.

Gold continues to receive support and as an inflationary hedge against the backdrop of accelerating inflation in the US, fears of stagflation are growing, Oanda analysts say, quoted by the Wall Street Journal. Thus, annual inflation in the country in February expectedly accelerated to 7.9% from 7.5% a month earlier, which was the highest since January 1982.