Trump team in talks with Ukrainian officials, gold falls for ninth consecutive day hitting eleven-week low

Bloomberg Finance APP News — Last Saturday (March 21), a Ukrainian delegation held high-level talks with U.S. officials in Florida, focusing on the Ukraine peace process. This is the first formal bilateral consultation between the U.S. and Ukraine since the U.S. and Israel launched military operations against Iran on February 28.

Participants from Ukraine include Secretary of the National Security and Defense Council Umerov, People’s Servant Party parliamentary faction leader Alakhamiya, Presidential Office Director Budanov, and First Deputy Director of the Presidential Office Kislitsya.

U.S. representatives include President Trump’s special envoy Witkov, Jared Kushner, Trump’s son-in-law, and White House senior advisor Glenn Baus. After the first day of talks, both sides are scheduled to continue discussions on the 22nd local time.

The ongoing peace talks and inflation expectations are jointly pressuring gold. On Monday (March 23), during Asian trading hours, spot gold fluctuated downward for the ninth consecutive trading day, currently trading around $4,412 per ounce, down about 1.8% for the day, after briefly touching an 11-week low of $4,319.66.

Discussion of key issues and next steps in Ukraine peace talks

Umerov, Secretary of Ukraine’s National Security and Defense Council, stated that the meeting focused on “key issues” in the Ukraine peace negotiations and specific next steps to advance the process. The content was reported to Ukrainian President Zelensky on the first day.

U.S. special envoy Witkov said in a social media statement that the meeting was “constructive,” emphasizing resolving remaining issues in the talks to push both sides closer to reaching a “comprehensive peace agreement.” Both sides stressed their desire to end the conflict through negotiations but did not disclose specific topics.

Ukrainian high-level statements and Zelensky’s latest remarks

Umerov issued a statement on social media, emphasizing that the meeting aimed to “further promote tangible results in Ukraine’s peace negotiations.” Zelensky, in a video speech on the 21st, said discussions would continue on the 22nd, with the key being to understand how willing Russia is and whether they are ready to end the conflict “sincerely and decently.”

Zelensky’s remarks indicate that Ukraine views Russia’s sincerity as a core threshold for negotiations, while also implying that the U.S. plays an important coordinating role.

Trump team envoy Witkov’s positive evaluation

Trump’s special envoy Witkov publicly stated on the 21st that the talks were “constructive,” with both sides focusing on resolving remaining obstacles to accelerate the achievement of a comprehensive peace agreement. Kushner and Glenn Baus, among others from Trump’s family and core staff, participated, highlighting the personalized and high-level involvement of the Trump administration in Ukraine issues.

Earlier, in January and February, three rounds of trilateral talks among Russia, the U.S., and Ukraine in Abu Dhabi and Geneva laid some groundwork. This bilateral U.S.-Ukraine consultation is seen as an important signal of restarting negotiations amid the Iran conflict.

Connection to U.S.-Israel military actions against Iran

This U.S.-Ukraine meeting occurred nearly a month after the U.S. and Israel launched military operations against Iran on February 28, with a complex background. The Middle East conflict has driven up global oil prices and inflation pressures. The U.S. domestic political environment is tightening, and the Trump administration needs to balance multiple diplomatic fronts.

The restart of Ukraine peace talks is viewed as part of Trump’s strategic adjustment to “stop the bleeding” on the European battlefield and focus resources on the Middle East crisis. Ukraine is seeking greater support and guarantees from the U.S. in negotiations, while also testing Trump’s latest stance on the Russia-Ukraine conflict.

Gold investors continue to withdraw

Currently, gold remains under pressure. On one hand, the high-level U.S.-Ukraine talks in Florida mark an unexpected restart of the Ukraine peace process amid the Iran conflict, leading markets to price in a potential “ceasefire and stop-loss” in Europe. The geopolitical safe-haven sentiment that previously drove gold higher has significantly diminished. On the other hand, the escalation of U.S.-Iran conflict to a “mutual destruction of energy” stage has pushed oil prices higher, but markets interpret this more as a sign of long-term inflationary pressure rather than short-term safe-haven demand. In a macro environment of high inflation and high interest rates, the opportunity cost of holding gold rises, and investors are more inclined to sell interest-free assets to prepare for liquidity tightening.

(Spot gold daily chart, source: Easy Forex)

Editor’s summary

The high-level meeting in Florida between Ukraine and the Trump administration signals renewed momentum in the peace process amid the Iran conflict. Ukraine dispatched core members of the National Security and Presidential Office, while the U.S. was led by Trump’s special envoy, son-in-law, and senior advisors, with unprecedented scale.

Both sides focused on “key issues” and remaining obstacles. Ukraine emphasized Russia’s sincerity as a precondition for negotiations, while the U.S. expressed a constructive attitude toward pushing for a comprehensive peace agreement. Although this round of talks is bilateral, it builds on previous trilateral talks in Abu Dhabi and Geneva, showing the Trump administration’s attempt to seek breakthroughs on multiple crisis fronts in Europe.

Discussions on the 22nd local time will directly impact the prospects of peace negotiations and Russia’s response. The global geopolitical landscape may see new variables due to U.S.-Ukraine coordination.

As of 9:54 Beijing time, spot gold is trading at $4,410.30 per ounce.