<p>Gold prices eased from near record highs on Wednesday as the dollar held close to a 21-month peak and investors booked some profits, while palladium gained after the Ukraine crisis fuelled worries of a supply squeeze from top producer Russia.</p>.<p>Spot gold was down 0.4 per cent at $2,044.60 per ounce, as of 0712 GMT, after climbing in the previous session to $2,069.89, a whisker away from its record $2,072.49 scaled in August 2020. US gold futures rose 0.8 per cent to $2,058.80. "Any breach (of the record high) would be a clear technical signal that the current supportive environment is going to push this higher. I do expect very strong resistance around those levels," said Michael McCarthy, chief strategist officer at Tiger Brokers, Australia.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/international/world-news-politics/joe-biden-bans-russian-oil-imports-amid-ukraine-crisis-1089358.html" target="_blank">Joe Biden bans Russian oil imports amid Ukraine crisis</a></strong></p>.<p>The US dollar index steadied near a multi-month high, making greenback-priced bullion more expensive for buyers holding other currency. Analysts have said gold, traditionally considered a safe store of value during such global crises, could make another run towards an all-time high if the Ukraine situation worsens, amid existing worries of inflationary risks.</p>.<p>Gold prices have run into the overbought territory and investors are looking for profit-taking opportunities this morning, said Margaret Yang, a strategist at DailyFX. Palladium rose 1.5 per cent to $3,226.46 per ounce, gaining as much as 38 per cent since Russia invaded Ukraine on Feb. 24.</p>.<p>Russia is a major producer of the auto-catalyst metal, used by automakers in catalytic converters to curb emissions. "Palladium could move much higher because (out) of all the commodities, it has the highest percentage share coming out of Russia," said Edward Meir, an analyst with ED&F Man Capital Markets. Among other metals, spot silver was up 0.7 per cent at $26.58 per ounce, after touching a near nine-month high on Tuesday. Platinum rose 1.5 per cent to $1,170.76.</p>.<p><strong>Check out DH's latest videos</strong></p>
<p>Gold prices eased from near record highs on Wednesday as the dollar held close to a 21-month peak and investors booked some profits, while palladium gained after the Ukraine crisis fuelled worries of a supply squeeze from top producer Russia.</p>.<p>Spot gold was down 0.4 per cent at $2,044.60 per ounce, as of 0712 GMT, after climbing in the previous session to $2,069.89, a whisker away from its record $2,072.49 scaled in August 2020. US gold futures rose 0.8 per cent to $2,058.80. "Any breach (of the record high) would be a clear technical signal that the current supportive environment is going to push this higher. I do expect very strong resistance around those levels," said Michael McCarthy, chief strategist officer at Tiger Brokers, Australia.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/international/world-news-politics/joe-biden-bans-russian-oil-imports-amid-ukraine-crisis-1089358.html" target="_blank">Joe Biden bans Russian oil imports amid Ukraine crisis</a></strong></p>.<p>The US dollar index steadied near a multi-month high, making greenback-priced bullion more expensive for buyers holding other currency. Analysts have said gold, traditionally considered a safe store of value during such global crises, could make another run towards an all-time high if the Ukraine situation worsens, amid existing worries of inflationary risks.</p>.<p>Gold prices have run into the overbought territory and investors are looking for profit-taking opportunities this morning, said Margaret Yang, a strategist at DailyFX. Palladium rose 1.5 per cent to $3,226.46 per ounce, gaining as much as 38 per cent since Russia invaded Ukraine on Feb. 24.</p>.<p>Russia is a major producer of the auto-catalyst metal, used by automakers in catalytic converters to curb emissions. "Palladium could move much higher because (out) of all the commodities, it has the highest percentage share coming out of Russia," said Edward Meir, an analyst with ED&F Man Capital Markets. Among other metals, spot silver was up 0.7 per cent at $26.58 per ounce, after touching a near nine-month high on Tuesday. Platinum rose 1.5 per cent to $1,170.76.</p>.<p><strong>Check out DH's latest videos</strong></p>