Gold prices slipped on Friday and the dollar index firmed up, as a rebound in oil prices added to concerns around inflation and policy tightening.
Oil resumed its advanced to hover near $106 a barrel as optimism over a ceasefire deal between Ukraine and Russia faded. Kremlin admitted that a substantial gap remained and "fundamental issues are inviolable."
Spot gold dipped half a percent to $1,932.42 per ounce, while U.S. gold futures were down half a percent at $ 1,933.70.
Russian President Vladimir Putin today accused Ukrainian authorities of stalling talks, saying the Kyiv regime is putting forward more and more unrealistic proposals.
U.S. President Joe Biden and China's Xi Jinping are set to speak today after U.S. Secretary of State Antony Blinken cautioned that Beijing is "considering directly assisting Russia with military equipment to use in Ukraine."
Meanwhile, S&P Global Ratings downgraded Russia's debt rating to CC from CCC- saying that the country's debt is highly vulnerable to nonpayment amid international sanctions.
