Gold eases on US-Russia plan for talks over Ukraine

LONDON, Feb 18 (Reuters): Gold retreated slightly from a key $1,900 level on Friday as a potential Russia-US meeting cooled some nerves about an escalation in the Ukraine conflict, but the recent rally set bullion up for a third straight weekly gain.

Spot gold was down 0.3 per cent at $1,892.27 per ounce by 1238 GMT, after earlier touching its highest since June 2021 at $1,902.22, en route to a weekly gain of about 1.6 per cent.

US gold futures fell 0.5 per cent to $1,893.30.

The US-Russia meeting slated for next week is likely to keep a lid on gold, although there could be some selling interest going into the weekend, especially with a US holiday on Monday, said Michael Hewson, chief market analyst at CMC Markets UK.

"The outlook for gold does look a lot more positive, but it's going to be really difficult to get back above those June peaks. We might find it trading between $1,910 and roundabout $1,870 over the next few days," Hewson added.

Silver was steady at $23.82, on track for a weekly gain.