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Gold recovers from 11-week lows

FXStreet (Córdoba) - Gold recovered from 11-week lows Wednesday and it is trading nearly flat on the day amid contradictory headlines about an agreement between Russia and Ukraine.

The yellow metal saw a quick drop toward a fresh 11-week low near $1,261 as investors dumped the safe-haven in a bout of risk appetite. However, with Moscow downplaying the truce, the price climbed back to opening levels. At time of writing, the XAU/USD is trading at $1,267/oz, little changed on the day.

On Tuesday, greenback's strength outweighed any safe-haven appeal and pushed gold prices toward their biggest fall in nearly 3 months.

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