<figure id="attachment_3284728" aria-describedby="caption-attachment-3284728" style="width: 1600px" class="wp-caption alignnone"><img loading="lazy" class="size-full wp-image-3284728" src="https://media.freemalaysiatoday.com/wp-content/uploads/2026/02/b48eebb5-gold.jpg" alt="Gold " width="1600" height="1000" /><figcaption id="caption-attachment-3284728" class="wp-caption-text">Geopolitical risks remained contained, limiting support for gold as investors await insights from the upcoming FOMC meeting. (EPA Images pic)</figcaption></figure>
SINGAPORE: Gold extended losses on Tuesday, pressured by easing geopolitical tensions in Iran and Russia, as well as a stronger dollar, with investors awaiting the minutes of the January FOMC meeting, due later this week.
Spot gold dropped 0.8% to US$4,953.90 per ounce by 0345 GMT, after losing 1% earlier in the session.
US gold futures for April delivery lost 1.5% to US$4,972.90 per ounce.
&#8220;It (gold) is not really going very far because it doesn&#8217;t look like the (geopolitical) risk is really expanding beyond very much,&#8221; said Ilya Spivak, head of global macro at Tastylive.
&#8220;Those FOMC minutes and some insight into the Federal Reserve thinking are probably going to be important indicators (for prices).&#8221;
US President Donald Trump said on Monday that he would be involved &#8220;indirectly&#8221; in talks between Iran and the US over Tehran&#8217;s nuclear programme set for Tuesday in Geneva, adding he believed Tehran wanted to make a deal.
Meanwhile, representatives of Ukraine and Russia will meet in Geneva on Tuesday and Wednesday for a fresh round of US-mediated peace talks that the Kremlin says will likely focus on territory.
The US dollar index rose 0.2% against a basket of currencies, making greenback-priced bullion more expensive for holders of other currencies.
Investors are awaiting the minutes of the Federal Reserve&#8217;s January meeting, due Wednesday, for further clues about monetary policy going forward, and currently expect the first interest rate cut to be in June, according to CME&#8217;s FedWatch Tool.
Non-yielding bullion tends to do well in low-interest-rate environments.
&#8220;The immediate range top (for gold) is somewhere around US$5,120, but the next real kind of objective here is back to the highs at US$5,600 or so, and then of course, we march to record highs,&#8221; Spivak added.
Spot silver fell 1.6% to US$75.33 per ounce, after dropping over 3% earlier.
Spot platinum shed 1.3% to US$2,014.08 per ounce, while palladium lost 2.3% to US$1,685.48.

MatchPoint Times

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