Gold flat as firmer dollar, yields offset Ukraine worries

Gold held ground on Wednesday after rising to a 19-month peak in the last session, as a stronger dollar and higher Treasury yields countered support from safe-haven demand stemming from the Ukraine crisis.

Spot gold was flat at $2,053.99 per ounce by 0312 GMT, after climbing to $2,069.89 in the previous session, a whisker away from its record $2,072.49 scaled in August 2020, according to Reuters.

U.S. gold futures rose 0.9% to $2,061.40.

Palladium gained 3.3% to $3,284.67 per ounce, rising 38% since Russia invaded Ukraine on Feb. 24. Russia is a major producer of the auto-catalyst metal, used by automakers in catalytic converters to curb emissions.

Spot silver was up 1% at $26.66 per ounce, after touching a near nine-month high on Tuesday. Platinum rose 1.2% to $1,168.02.