Trump's team held talks with high-ranking Ukrainian officials; gold prices fell for the ninth consecutive day, hitting an eleven-week low.
2026-03-23 09:54:41
Last Saturday (March 21), a Ukrainian delegation held a high-level meeting with its US counterpart in Florida, focusing on the Ukrainian peace talks process. This was the first formal bilateral consultation between the US and Ukraine since the US and Israel launched military action against Iran on February 28.
The Ukrainian participants included Umerov, Secretary of the National Security and Defense Council; Allakhamia, Chairman of the Parliamentary Group of the Servant of the People Party; Budanov, Chief of Staff of the Presidential Office; and Kislitsa, First Deputy Chief of Staff of the Presidential Office.
The U.S. delegation included President Trump's special envoy Witkov, Trump's son-in-law Jared Kushner, and White House senior advisor Glenn Baum. Following the first day of the meeting, the two sides are scheduled to continue discussions on the 22nd local time.
The ongoing peace talks and inflation expectations put pressure on gold. On Monday (March 23), spot gold fluctuated downwards during the Asian session, marking its ninth consecutive trading day of decline. It is currently trading around $4,412 per ounce, down about 1.8% on the day, after previously touching an eleven-week low of $4,319.66.
Ukraine's National Security and Defense Council Secretary, Umerov, stated that the meeting focused on "key issues" in the Ukrainian peace talks and specific next steps to advance the process. The content of the talks was reported to Ukrainian President Zelensky on the first day.
U.S. Special Envoy Witkov stated in a social media statement that the meeting was "constructive" and focused on resolving remaining issues in the peace talks to bring both sides closer to a "comprehensive peace agreement." Both sides emphasized their desire to end the conflict through negotiations but did not disclose details of the specific issues discussed.
Umerov issued a statement on social media, emphasizing that the meeting aimed to "further promote tangible results in the Ukraine peace talks." Zelensky, in a video address on the 21st, pointed out that discussions would continue on the 22nd, with the key being understanding Russia's "willingness" and "preparedness to end the conflict in a sincere and dignified manner."
Zelensky's statement indicates that Ukraine considers Russia's sincerity a core threshold for the success or failure of the negotiations, while also implying that the United States plays an important coordinating role in the process.
Trump's special envoy, Witkov, publicly stated on the 21st that the meeting was constructive, with both sides focusing on resolving remaining obstacles to accelerate the achievement of a comprehensive peace agreement. The participation of Trump family members and key advisors, including Kushner and Glenn Baum, highlights the Trump administration's personalized and high-level involvement in the Ukraine issue.
The three rounds of trilateral talks between Russia, the United States, and Ukraine held in Abu Dhabi and Geneva in January and February had laid a certain foundation, and this round of bilateral consultations between the United States and Ukraine is seen as an important signal of restarting peace talks against the backdrop of the Iranian conflict.
This US-Ukraine meeting took place nearly a month after the US and Israel launched military action against Iran on February 28, against a complex backdrop. The Middle East conflict has pushed up global oil prices and inflationary pressures, while the US domestic political environment is tightening, requiring the Trump administration to balance multiple diplomatic fronts.
The resumption of peace talks in Ukraine is seen as a strategic adjustment by Trump in an attempt to "stop losses" on the European battlefield and concentrate resources on dealing with the Middle East crisis. Ukraine is using this opportunity to seek greater support and guarantees from the US in the negotiations, while simultaneously testing Trump's latest stance on the Russia-Ukraine conflict.
Gold is currently under continued pressure. On the one hand, the high-level meeting between the US and Ukraine in Florida marked the unexpected restart of the Ukrainian peace process against the backdrop of the Iranian conflict. The market has begun to price in a "ceasefire and stop losses" in the European battlefield, and the geopolitical risk aversion that previously drove up gold prices has significantly subsided. On the other hand, although the escalation of the US-Iran conflict to the "energy mutual destruction" stage has pushed up oil prices, the market is more inclined to interpret it as a signal of long-term global inflationary pressures rather than short-term safe-haven demand. This is because in a macroeconomic environment with both high inflation and high interest rates, the opportunity cost of holding gold increases, and investors are more inclined to sell non-interest-bearing assets to cope with expectations of tightening liquidity.
(Spot gold daily chart, source: FX678)
The high-level meeting between Ukraine and the Trump administration in Florida marks a renewed impetus for peace talks amid the Iran conflict. Ukraine sent its National Security and core presidential team, while the U.S. delegation was led by Trump's special envoy, son-in-law, and senior advisors—an unprecedentedly high-level meeting.
Both sides focused on "key issues" and remaining obstacles. Ukraine emphasized that Russia's sincerity was a prerequisite for negotiations, while the US expressed a constructive attitude towards promoting a comprehensive peace agreement. Although this round of consultations was bilateral between the US and Ukraine, it followed the outcomes of the previous trilateral talks in Abu Dhabi and Geneva, indicating that the Trump administration was attempting to seek a breakthrough on the European front amidst multiple crises.
Discussions will continue on the 22nd local time, and the outcome will directly affect the prospects of the peace talks and Russia's response. The global geopolitical landscape may see new variables due to the coordination between the US and Ukraine.
At 9:54 AM Beijing time, spot gold was trading at $4410.30 per ounce.
The Ukrainian participants included Umerov, Secretary of the National Security and Defense Council; Allakhamia, Chairman of the Parliamentary Group of the Servant of the People Party; Budanov, Chief of Staff of the Presidential Office; and Kislitsa, First Deputy Chief of Staff of the Presidential Office.
The U.S. delegation included President Trump's special envoy Witkov, Trump's son-in-law Jared Kushner, and White House senior advisor Glenn Baum. Following the first day of the meeting, the two sides are scheduled to continue discussions on the 22nd local time.
The ongoing peace talks and inflation expectations put pressure on gold. On Monday (March 23), spot gold fluctuated downwards during the Asian session, marking its ninth consecutive trading day of decline. It is currently trading around $4,412 per ounce, down about 1.8% on the day, after previously touching an eleven-week low of $4,319.66.
Discussion on key issues and next steps in the Ukraine peace talks
Ukraine's National Security and Defense Council Secretary, Umerov, stated that the meeting focused on "key issues" in the Ukrainian peace talks and specific next steps to advance the process. The content of the talks was reported to Ukrainian President Zelensky on the first day.
U.S. Special Envoy Witkov stated in a social media statement that the meeting was "constructive" and focused on resolving remaining issues in the peace talks to bring both sides closer to a "comprehensive peace agreement." Both sides emphasized their desire to end the conflict through negotiations but did not disclose details of the specific issues discussed.
Statements from Ukrainian officials and Zelensky's latest remarks
Umerov issued a statement on social media, emphasizing that the meeting aimed to "further promote tangible results in the Ukraine peace talks." Zelensky, in a video address on the 21st, pointed out that discussions would continue on the 22nd, with the key being understanding Russia's "willingness" and "preparedness to end the conflict in a sincere and dignified manner."
Zelensky's statement indicates that Ukraine considers Russia's sincerity a core threshold for the success or failure of the negotiations, while also implying that the United States plays an important coordinating role in the process.
Trump team envoy Witkov gave a positive review
Trump's special envoy, Witkov, publicly stated on the 21st that the meeting was constructive, with both sides focusing on resolving remaining obstacles to accelerate the achievement of a comprehensive peace agreement. The participation of Trump family members and key advisors, including Kushner and Glenn Baum, highlights the Trump administration's personalized and high-level involvement in the Ukraine issue.
The three rounds of trilateral talks between Russia, the United States, and Ukraine held in Abu Dhabi and Geneva in January and February had laid a certain foundation, and this round of bilateral consultations between the United States and Ukraine is seen as an important signal of restarting peace talks against the backdrop of the Iranian conflict.
Relevance to US-Israeli military action against Iran
This US-Ukraine meeting took place nearly a month after the US and Israel launched military action against Iran on February 28, against a complex backdrop. The Middle East conflict has pushed up global oil prices and inflationary pressures, while the US domestic political environment is tightening, requiring the Trump administration to balance multiple diplomatic fronts.
The resumption of peace talks in Ukraine is seen as a strategic adjustment by Trump in an attempt to "stop losses" on the European battlefield and concentrate resources on dealing with the Middle East crisis. Ukraine is using this opportunity to seek greater support and guarantees from the US in the negotiations, while simultaneously testing Trump's latest stance on the Russia-Ukraine conflict.
Gold investors continue to withdraw
Gold is currently under continued pressure. On the one hand, the high-level meeting between the US and Ukraine in Florida marked the unexpected restart of the Ukrainian peace process against the backdrop of the Iranian conflict. The market has begun to price in a "ceasefire and stop losses" in the European battlefield, and the geopolitical risk aversion that previously drove up gold prices has significantly subsided. On the other hand, although the escalation of the US-Iran conflict to the "energy mutual destruction" stage has pushed up oil prices, the market is more inclined to interpret it as a signal of long-term global inflationary pressures rather than short-term safe-haven demand. This is because in a macroeconomic environment with both high inflation and high interest rates, the opportunity cost of holding gold increases, and investors are more inclined to sell non-interest-bearing assets to cope with expectations of tightening liquidity.
(Spot gold daily chart, source: FX678)
Editor's Summary
The high-level meeting between Ukraine and the Trump administration in Florida marks a renewed impetus for peace talks amid the Iran conflict. Ukraine sent its National Security and core presidential team, while the U.S. delegation was led by Trump's special envoy, son-in-law, and senior advisors—an unprecedentedly high-level meeting.
Both sides focused on "key issues" and remaining obstacles. Ukraine emphasized that Russia's sincerity was a prerequisite for negotiations, while the US expressed a constructive attitude towards promoting a comprehensive peace agreement. Although this round of consultations was bilateral between the US and Ukraine, it followed the outcomes of the previous trilateral talks in Abu Dhabi and Geneva, indicating that the Trump administration was attempting to seek a breakthrough on the European front amidst multiple crises.
Discussions will continue on the 22nd local time, and the outcome will directly affect the prospects of the peace talks and Russia's response. The global geopolitical landscape may see new variables due to the coordination between the US and Ukraine.
At 9:54 AM Beijing time, spot gold was trading at $4410.30 per ounce.
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