Gold futures settle at a nearly 2-week low

Gold futures settled at their lowest in nearly two weeks, not three weeks as previously stated.

Gold futures fell for a third straight session on Tuesday to mark their lowest settlement in almost two weeks. There’s a “heavy hint of optimism in the air amidst headlines of potential Putin-Zelensky peace talks, and the Russian military cutting back operations near Ukraine’s capital [of] Kyiv,” said Matthew Weller, global head of research at FOREX.com and City Index. “Traders have taken that hint and are aggressively putting on the so-called ‘peace trade’,” in part driving gold briefly back below $1,900 an ounce. April gold GCJ22, -1.28% declined by $27.60, or 1.4%, to settle at $1,912.20 an ounce after a $1,888.30 intraday low. June gold GCM22, -1.23%, which is now the most-active contract, finished at $1,918, down $26.70, or 1.4%. Both contracts logged their lowest settlements since March 16, FactSet data show.