By Gina Lee

Investing.com – Gold was down on Tuesday morning in Asia, falling below the $2,000 mark hit the day before. While the U.S. dollar was trading near its multi-month high, palladium dropped from records as talks between Russia & Ukraine failed to resolve their conflict.

After hitting an all-time high of 2,002.40 Monday, the edging fell 0.11%, to $1,993.80 (11:48PM ET) Although the sank on Tuesday, it held close to its 21-month high on Monday.

The SPDR Gold Trust (P) held 0.8% more than 1,062.7 tonnes on Monday. This is the most since March 2021.

The U.S. could go it alone on a , the latest sanctions in response to Russia’s invasion of Ukraine on Feb. 24. Russia threatened to raise oil prices to $300 per barrel, and could shut down the main gas line to Germany if it is banned from importing oil.

Talks between Russia and Ukraine on a ceasefire have been ineffective. Russia’s negotiators said they did not have positive developments to report following the talks, even warning that a ceasefire could not be guaranteed in the next round. According to Vladimir Medinsky, negotiator, the talks are “not easy.”

European Central Bank (ECB) will announce its decision on the central banking front. Philip Lowe (Reserve Bank of Australia Governor) will give a speech on Wednesday or Friday.

In other precious metals, palladium was up 0.3% at $3,005.63 per ounce but was down from Monday’s record high of $3,440.76. Palladium prices have soared 80% in 2022 to all-time highs, with the West’s financial sanctions on Russia potentially disrupting shipments and worsening a supply shortage.

Silver fell 0.7%, while platinum dropped 0.2% to $1.120.88.