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Spot gold was up 0.2% at $1,996.09 per ounce by 1047 GMT after
tumbling as much as 3% on Wednesday. U.S. gold futures gained
0.7% to $2,002.40.
"Gold bulls have shown little qualm in catapulting prices higher
on signs the Ukraine crisis could drastically worsen the global
economic outlook," Han Tan, chief market analyst at Exinity
said.
The foreign ministers of Russia and Ukraine met on Thursday in
Turkey, the highest level contact between the two countries
since the war began on Feb. 24, but in simultaneous duelling
news conferences made clear they had made no progress.
A rush to safe-haven assets earlier this week due to the Ukraine
crisis powered gold prices to near record levels hit in August
2020.
Analysts said some of that risk premium was unwound in the last
session and early on Thursday.
But gold was propped up after a rebound in shares wilted as
analysts warned of further pain for stocks with no immediate end
in sight to the war in Ukraine. [MKTS/GLOB]
Investors are also keeping an eye on February U.S. consumer
price index data which is due later in the day, against the
backdrop of surging oil prices and ahead of the Federal
Reserve's next policy statement on March 16. [O/R]
Palladium, used by automakers in catalytic converters to curb
emissions, was last down 0.4% to $2,926.54 per ounce. The metal
hit a record high of $3,440.76 on Monday, driven by fears of
supply disruptions from top producer Russia.
The palladium market "should continue to price-in a supply risk
premium in the short-term," ANZ analysts wrote in a note.
Spot silver firmed 0.3% to $25.80 per ounce, while platinum
added 1.1% to $1,087.32.
(Reporting by Bharat Govind Gautam in Bengaluru; Editing by
Krishna Chandra Eluri)
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