Gold is falling as Ukraine and Russia prepare to resume peace talks, while the dollar is strengthening.

The start of peace negotiations between Ukraine and Russia dented the yellow metal's safe-haven appeal on Monday morning in Asia. Gold was also pushed down by a stronger US currency and rising rates.

By 1:04 p.m. ET, gold futures had down 0.54 percent to $1,943.6. (5:04 AM GMT). On Monday morning, the dollar, which usually swings in the opposite direction of gold, was higher.

On Friday, U.S. Treasury rates increased, with the benchmark 10-year note reaching almost three-year highs, as investors continue to evaluate high inflation and a hawkish Federal Reserve.

In Asia Pacific, Seiji Kihara, Japan's deputy chief cabinet secretary, stated on Sunday that the country's monetary policy must stay loose. While the Bank of Japan did not intervene to defend its objective on Friday, it said on Monday morning that it would purchase an unlimited quantity of 10-year Japanese government bonds (JGBs) at 0.25 percent, after the 10-year JGB yield reached a six-year high of 0.245 percent.

Within the next week, Ukraine and Russia will start peace negotiations to end the war, which was exacerbated by Russia's invasion of Ukraine on February 24. After indicating that he was open to a compromise earlier, Ukrainian President Volodymyr Zelenskiy emphasized for his country's territorial integrity.

Between March 28 and June 30, the Russian Federation's Central Bank, or the Bank of Russia, will start purchasing gold from banks at a set price of 5,000 roubles ($48.94) per gram, the Bank of Russia said on Friday.
On Friday, the SPDR Gold Trust (P:GLD) increased its holdings by 0.5 percent to 1,093.18 tons, the highest level since late February 2021.

During the previous week, several individuals in India sold outdated jewelry due to high pricing and sluggish physical gold demand. The newest COVID-19 outbreak in China has affected metal sales across the nation, with Shanghai going into a two-stage lockdown on Monday.

Silver and platinum declined 1.2 percent and 0.8 percent, respectively, while palladium increased 1.3 percent to $2,366.12.