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Gold Dips Ahead Of New Sanctions Against Russia

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Gold prices fell slightly on Tuesday, bond yields edged up and the dollar held steady after three straight sessions of gains, as fresh sanctions on Russia loomed.

Expectations of further Fed rate rises also weighed on the precious metal.

Spot gold dipped 0.3 percent to $1,926.66 per ounce, while U.S. gold futures were down 0.3 percent at $1,928.

New U.S. sanctions against Moscow would be announced this week. The 27-member EU is also under pressure to extend sanctions to Russia’s oil and coal sectors for what appear to be war crimes in Ukraine.

In a move meant to ratchet up pressure on Moscow and eat into its holdings of dollars, the United States has stopped the Russian government from paying holders of its sovereign debt more than $600 million from reserves held at U.S. banks.

“Russia must choose between draining remaining valuable dollar reserves or new revenue coming in, or default,” the U.S. spokesperson said.

Treasury yields rose for a third day as investors await the release of FOMC minutes on Wednesday for additional clues on the outlook for rates.

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