Spot gold was down 0.3% at $1,902.15 an ounce, as of 0149 GMT, after gaining more than 1% in the previous session. US gold futures rose 0.2% to $1,904.80.
Ceasefire talks between Russian and Ukrainian officials began on the Belarusian border as Russia faced growing economic isolation four days after invading Ukraine.
Russian President Vladimir Putin has shown no signs of stopping an invasion of Ukraine, where heavy fighting and shelling have killed dozens and sparked a refugee crisis.
Russia’s invasion of Ukraine is seen as a game-changer and demand for safe-haven assets is expected to remain stable.
Gold, often used as a store of value during times of political and financial uncertainty, rose about 6.5% in February after hitting an 18-month high of $1,973.96 last week.
Russia’s central bank more than doubled its key rate on Monday and introduced capital controls, but its governor said the sanctions had prevented it from selling foreign currency to prop up the rouble.
A stream of Western companies pulling out of Russia is set to grow, as businesses and investors across all sectors follow the lead of energy companies BP and Shell, which gave up multibillion-dollar positions after the invasion of Russia. Ukraine.
Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.2% to 1,029.02 tonnes on Monday.
Palladium metal autocatalyst rose 0.2% to $2,494.00, after hitting its highest level since July 2021 at $2,711.18 last week.
Spot silver fell 0.5% to $24.31 an ounce, while platinum lost 0.2% to $1,041.23.