Gold sees modest hike as Fed meeting minutes loom

Gold bars 

Gold prices witnessed a marginal rise today, Feb. 19, ahead of the release of the Federal Reserve's monetary policy meeting minutes, with investors weighing yesterday's US-Russia talks on an imminent end to the Ukrainian war.

April gold futures rose slightly by $1.5 to trade at $2,950.50 per ounce at 10:49 am Makkah time, after ending yesterday’s session at a new record high of $2,949 apiece. Meanwhile, spot prices remained flat at $2,934.34 an ounce.

Elsewhere, March silver futures held ground at $33.36 per ounce, while platinum spot prices shed 0.27% to $983.53 an ounce.

The US and Russian foreign ministers held talks yesterday on bilateral relations between the two countries and discussed a possible Moscow-Kiev ceasefire agreement.

This meeting has sparked geopolitical turmoil in Europe since its announcement, amid concerns that Washington — who was previously sidelined from Ukrainian war talks — could strike a deal with Moscow counter to Ukrainian and European security interests.

European leaders held emergency talks in Paris on Monday as US and Russian officials prepare to meet in Saudi Arabia to discuss ending the war in Ukraine – without European or Ukrainian involvement.

Faced with the prospect of a diminished US footprint in Europe, the European leaders’ meeting focused on the potential deployment of European troops to Ukraine and the willingness of European allies to step up defense spending.

Today, all eyes are on the release of the Federal Reserve’s January meeting minutes, during which interest rates were fixed within the 4.25-4.50% range. Investors are weighing the reasons behind this decision, seeking cues on the future of monetary policy.