Gold prices fell today on February 21, 2022 amid news of a potential meeting between US president Joe Biden and his Russian counterpart Vladimir Putin over the Ukraine stand-off. The development weighed heavy on the yellow metal's safe haven appeal and prices fell to Rs 50,070 per 10 grams on the MCX.
Silver too fell by 0.4 per cent to Rs 63,659.
In the international markets, spot gold fell after Mr Biden accepted in principle a summit with Mr Putin over the Ukraine stand-off.
Spot prices fell by 0.2 per cent to $1,893.80 per ounce, retreating from eight-month highs of $1,908, high hit earlier in the session. Analysts say that gold may remain volatile as market players react to development relating to the Ukraine crisis.
Gold prices fell from a more than eight-month high hit earlier on Monday, as safe-haven demand eased after the US president agreed to meet his Russian counterpart over the Ukraine crisis.
Meanwhile US gold futures were steady at $1,898.60.
The US president has accepted in principle a summit with his Russian counterpart Mr Putin over the Ukraine crisis, after the two countries' foreign ministers meet next week and if an invasion has not occurred, the White House said on Sunday, February 20.
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