By Gina Lee

Investing.com – Gold was up on Wednesday morning in Asia, remaining near a one-month low hit during the previous session. Peace talks between Russia and Ukraine showed progress and dimmed the yellow metal’s safe-haven appeal. However, losses were limited by falling yields and weaker currencies.

They were at $1,924 as of 12:23 PM ET (23:23 GMT) and had risen 0.62% by noon ET. On Tuesday they fell as high as 1.8% to $1.889.45, their lowest point since February 28. On Wednesday, the dollar fell inversely to gold and U.S. benchmark 10-year yields dropped from close to three-year highs.

The talks between Russia and Ukraine were resumed in Istanbul on Tuesday. Russia offered to reduce military operations in Kyiv, and other cities during these negotiations. But, the U.S. warned of the possibility that this threat would continue, even though Ukraine offered to adopt a neutral status, as a sign they were making progress.

On Tuesday, the SPDR Gold Trust’s holdings fell 0.2% to 1,091.44 tonnes.

In Asia Pacific, Japan’s Ministry of Finance said that it will ban shipments of gold to Russia in response to the war in Ukraine. In February 2022, the rate of growth was 0.8% year-on-year.

Silver fell 0.2% while platinum rose 0.1% in other precious metals. Palladium rose 0.4% to $2157.72 after falling more than two months ago to $2032.97. Since its all-time high on March, the auto-catalyst-metal has dropped 40%. 7. This was due to decreased concerns over Russian supply.