XAU/USD retreats from its highest since early June 2021 after rose above $1900 on Thursday, with geopolitical tensions around Ukraine seeming easing for now.
Tensions have been high this week as the U.S. ramped up warnings of a possible Russian attack. Gold prices are sharply higher on safe-haven demand, silver prices are moderately up.
Russian-backed rebels and Ukrainian forces traded accusations on Thursday that each had fired across the ceasefire line in eastern Ukraine. Joe Biden says the risk of Russian invasion of Ukraine "very high".
A gauge of global equities fell more than 1%, U.S. and German government bond yields fell overnight. U.S. gold futures settled 1.6% higher at $1902. Silver gained 1.4% to $23.87 after hitting a three-month high earlier.
With uncertainty surrounding, gold price is set for its third weekly gain. Technically first resistance is seen at $1910, before that, $1900 is still a key level to watch. If $1890 is tested, immediate support is seen at $1880.