WASHINGTON (dpa-AFX) - Gold prices hovered near record highs on Wednesday as first round of talks between the U.S. and Russia over potential peace deal in Ukraine ended with no clear path.
Spot gold edged up by 0.1 percent to $2,939.14 per ounce, while U.S. gold futures were up 0.4 percent at $2,961.90.
The U.S. and Russian officials held more than four hours of talks in Riyadh without Ukraine.
After more than 4 hours of discussion, the U.S. said that both countries will name high-level teams and President Donald Trump will probably meet Russian President Putin before end of month.
Trump brushed aside Ukraine's concern about being left out of the meeting and said Kyiv should have entered talks much earlier. 'I think I have the power to end this war,' said Trump. Ukraine has rejected deals without its consent.
Uncertainties over Trump's tariff policies also prompted investors to diversify into gold.
Trump said on Tuesday he intends to impose 25 percent tariffs on autos, pharmaceuticals, and chips, aiming to boost U.S. manufacturing and competitiveness.
The U.S. economic calendar remains light today, with a report on U.S. housing starts along with the minutes of the latest Federal Reserve meeting likely to garner some attention.
Philadelphia Fed President Patrick Harker, Governors Michelle Bowman and Christopher Waller and San Francisco Fed President Mary Daly all noted on Tuesday that there is no need to make policy adjustments until more visible progress is made toward bringing inflation down to the Fed's 2 percent goal.
Elsewhere, European Central Bank (ECB) policymaker and Bundesbank President Joachim Nagel has warned that Trump's tariffs will be more vulnerable for Germany.
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