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Gold and Wheat Drop as Russia Says It’s Pulling Some Troops Back

  • Bullion hit eight-month high before report on troop pullback
  • Base metals supplied by Russia steady after earlier losses
Updated on

Gold dropped the most in more than two weeks and wheat slid after Russia announced a partial pullback of its troops massed near the Ukrainian border. Most industrial metals held gains.

Western officials cautiously welcomed the move, but said they needed to see evidence the withdrawal was actually taking place. The Kremlin has consistently denied it plans an attack, but President Vladimir Putin stopped short of ruling out further escalation if Russia’s security demands aren’t addressed.