Gold rose on Wednesday after Russian President Vladimir Putin’s partial mobilization announcement reignited interest in bullion as a safe haven, offsetting pressure from a strong dollar and expected interest rate hikes. interest in the United States.

* Spot gold was up 0.25 at $1,667.2 an ounce by 1607 GMT. US gold futures were up 0.25% at $1,675.2.

* “Part of the reason (for gold’s gains) was some comments by Russian President Putin regarding the escalation of the conflict in Ukraine… That’s clearly a supporting factor,” said David Meger of High Ridge Futures.

* Putin on Wednesday ordered Russia to mobilize to fight in Ukraine and made a thinly veiled threat to use nuclear weapons, in what NATO called a “reckless” act of desperation in the face of imminent defeat by Moscow.

* “In recent months, gold has tended not to see much safe-haven demand, if any, due to global concerns…Precious metals traders apparently see Putin’s threats as a big deal Jim Wyckoff, a senior analyst at Kitco Metals, said in a note.

* Bullion, however, faced headwinds from the dollar, which hit a new two-decade high, making gold more expensive for foreign buyers, while soaring Treasury yields added further pressure. .

* La atención se centraba en la decisión de política monetaria de la Reserva Federal, prevista para las 1800 GMT, donde se espera un alza de tasas de 75 puntos básicos, y luego una conferencia de prensa del presidente del banco central, Jerome Powell.

* El oro se considera una cobertura contra la inflación y los riesgos geopolíticos, pero el aumento de tasas aumenta el costo de oportunidad de mantener lingotes, que no devengan intereses.

* Entre otros metales preciosos, la  al contado ganó un 0,7%, a 19,45 dólares por onza; el platino perdió un 0,9%, a 914,37 dólares; y el cedió un 0,7%, a 2.152,11 dólares.