Gold gave up initial gains and fell about 1.5 % , on Wednesday , as investors profit-taking after it urged Russian President Vladimir Putin separatists in Ukraine to postpone the referendum , announced the withdrawal of Russian troops from the border area between the two countries .
Putin called pro- Moscow separatists in eastern Ukraine to postpone the referendum on secession just five days before the scheduled date for the vote , in a move likely to Ukraine away from the brink of disintegration. He also announced that Russian troops re- Ukrainian border .
But the White House said he does not see any signs that Putin withdraw his troops from the border with Ukraine , and said that he wants to cancel the referendum on secession , not just postponed.
Precious metal exposure to the is also pressure from the comments to Janet Yellen , president of the U.S. Federal Reserve Board confirms the belief that the U.S. central bank will end its program of asset purchases in the fall of this year as expected .
The price of gold fell to 1.4% cash sale to 1288.36 dollars an ounce by 1750 GMT, time , heading towards recording the biggest loss for one day in three weeks .
The futures fell U.S. gold market in COMEX 19.90 dollars an ounce to U.S. $ 1288.70 .
Over the past three sessions, gold rose about 3.5 % to 1314.70 dollars earlier on Wednesday because of fears that a confrontation between pro-Russian separatists and government forces in Ukraine could immerse the country into war .
Among other precious metals followed the example of silver to gold fall 1.0% to 19.29 dollars an ounce , while platinum fell 1.5% to 1429.25 dollars an ounce , and palladium fell 2.5% to 793.90 dollars an ounce .