President Joe Biden said on Wednesday, in an interview with ABC News, that he did not read into Vladimir Putin's decision to temporarily suspend participation in a nuclear arms treaty as a signal the Russian President was considering using nuclear weapons. US President Biden, however, called it a "big mistake", reported Reuters.

Additional statements

It's a big mistake to do that. Not very responsible. But I don't read into that that he's thinking of using nuclear weapons or anything like that.

Well look, I think we're less safe when we walk away from arms control agreements that are very much in both parties' interests and in the world's interest.

The idea that somehow this means they're thinking of using nuclear weapons, intercontinental ballistic missiles, there's no evidence of that.

Putin earlier this week backed away from the New START arms control treaty - a 2010 agreement that limits the number of Russian and U.S. deployed strategic nuclear warheads - and warned that Moscow could resume nuclear tests.

Market implications

Such headlines weigh on risk appetite and exert downside pressure on the Gold price, trading near $1,820 support by the press time.

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