Platinum set for worst weekly fall since November 2021
Gold set for second straight weekly rise
Stocks gain, European indexes add 2

March 11 Reuters Gold retreated on Friday as safehaven appeal for the metal dimmed after Russian President Vladimir Putin said there had been progress in talks with Ukraine, with the likelihood of a looming U.S. rate hike adding pressure to bullion.

There are certain positive shifts, negotiators on our side tell me, Putin said in a meeting with his Belarusian counterpart Alexander Lukashenko, but did not provide any details. 

Spot gold fell 0.6 to 1,984.20 per ounce by 1345 ET 1845 GMT, but remained poised to post a weekly rise of about 0.8 as concerns over the Ukraine conflict kept investors on their toes. U.S. gold futures settled down 0.8 at 1,985.

The RussiaUkraine crisis will continue to support the prospect for higher precious metal prices, said Saxo Bank analyst Ole Hansen in a note, as that could mean higher inflation, slowing growth and fewer central bank rate hikes.

With U.S. inflation ballooning in February, bets that the central bank will raise its benchmark overnight interest rate by at least 25 basis points on March 16, stood at 94, according to CME39;s FedWatch Tool. 

For gold many positive fundamental factors, like inflation and supply chain disruption still remain… but in the short term, we might have priced a good amount of those into the market, said David Meger, director of metals trading at High Ridge…