2022.03.2410:34:00UTC+00Gold Prices Mixed Ahead Of NATO Summit

Gold prices traded mixed on Thursday as investors weighed hawkish comments from Federal Reserve officials and waited for potential new sanctions against Russia.

Spot gold was marginally lower at $1,943.59 per ounce while U.S. gold futures were up 0.3 percent at $1,943.45.

The dollar firmed up and the 10-year U.S. Treasury yield traded around 2.36 percent as investors assess the risks of rising inflation and faster tightening by the U.S. Federal Reserve.

Federal Reserve Bank of San Francisco President Mary Daly said on Wednesday she is open to raising rates by 50 basis points and shrinking the balance sheet at the next policy meeting in May.

Separately, St. Louis Fed President James Bullard reiterated his belief that the central bank has to "move faster to keep inflation under control."

Equities traded firm as U.S. President Joe Biden prepares to announce new sanctions on Russia that relate both to political figures and oligarchs.

Biden is scheduled to attend an emergency NATO summit today. He is also set to meet G-7 leaders and address EU leaders at a meeting of the European Council.