Gold prices barely changed on Thursday, staying at a three-week low hit the previous session, after the United States Federal Reserve raised interest rates lifting Treasury yields, and the Russia-Ukraine peace talks, which further limited bullion’s appeal.

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Spot gold was stable at $1,929.57 per ounce, after falling to its lowest level since February 28 at $1,894.70 on Wednesday. Gold futures in the United States climbed 1% to $1,928.40.

The Federal Reserve hiked interest rates for the first time since 2018 and outlined an aggressive plan to combat inflation, while also highlighting the tremendous uncertainty the economy confronts as a result of the Ukraine conflict and the COVID-19 global crisis.

Gold is especially susceptible to rising interest rates in the United States, which raises the opportunity cost of owning non-yielding bullion.

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The Fed’s rate decision sent 10-year Treasury yields to their highest level since May 2019.

Investors are paying close attention to peace negotiations between Russia and Ukraine, as the world waits for a diplomatic settlement. Negotiations, according to Ukrainian President Volodymyr Zelensky, are becoming “more realistic,” while Russia says proposals under discussion are “close to an agreement.”

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SPDR Gold Trust’s holdings in the world’s largest gold-backed exchange-traded fund jumped 0.8% to 1,070.53 tonnes on Wednesday, the highest since March 2021.

Palladium, which is used in catalytic converters to reduce emissions, is up 1.8% to $2,452.33 per ounce.

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Fears of supply interruptions from main supplier Russia drove the auto-catalyst metal to a record high of $3,440.76 on March 7.

Spot silver was up 0.3% to $25.13 per ounce, while platinum was up 0.7% to $1,024.32 per ounce.