Gold prices fell on Wednesday from an eight-month peak scaled in the previous session, as signs of a de-escalation in the Russia-Ukraine standoff diminished the appeal of safe havens.

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Spot gold price fell 0.1 percent to $1,850.91 per ounce, as of 0110 GMT. US gold futures dropped 0.2 percent to $1,852.40.

Gold prices had rallied to their highest since June last year on Tuesday, buoyed by safe-haven demand, before giving up all those gains on news indicating some easing in Russia-Ukraine tensions.

Stock markets in the US and Europe rebounded on Tuesday, while oil prices fell after Russia indicated it was withdrawing some troops from exercises near Ukraine.

President Vladimir Putin said he saw room for further discussion with the West.

According to a Reuters report, US producer prices increased by the most in eight months in January amid a surge in the cost of hospital outpatient care and goods such as food and motor vehicles, another sign that high inflation could persist through much of this year.

British inflation is on track to peak at a 30-year high of over 7 percent in April, but differences in forecasts for energy prices and wages mean private-sector economists and the Bank of England are split over what happens next.

Among other precious metals, spot silver fell 0.2 percent to $23.30 per ounce, platinum dipped 0.4 percent to $1,021.92, while palladium rose 0.3 percent to $2,253.66.

-With agency inputs