gold: gold remains stable as traders rate Omicron, impact of rate hike

0


Gold prices held steady on Tuesday as traders assessed the impact of the surge in Omicron coronavirus cases and interest rate hikes aimed at containing high inflation.

FUNDAMENTALS

* Spot gold rose 0.1% to $ 1,790.57 an ounce at 0142 GMT. US gold futures fell 0.2% to $ 1,790.60.

* British Prime Minister Boris Johnson said on Monday he would tighten restrictions on coronaviruses to slow the spread of the Omicron variant if needed, after the Netherlands began a fourth lockdown and as other European countries consider Christmas restrictions.

* The

has hovered below recent highs, having lost ground overnight after a blow to Democratic spending plans in Washington.

* US stocks closed more than 1% lower overnight, under pressure from the surge in Omicron coronavirus cases and a possible fatal blow to a domestic spending bill of $ 1.75 trillion, with the fall in oil prices.

* Moderna Inc said on Monday that a booster dose of its COVID-19 vaccine appeared to protect against the rapidly spreading Omicron in lab tests and that the current version of the shot would continue to be its “first line of defense against Omicron “. ”

* The Federal Reserve’s most hawkish turn this week came amid heightened concerns about the economic recovery and inflation, but this has hardly changed the bond market’s view that interest rates in the short term could exceed the estimated peak of the US central bank.

* Commodities outperformed other assets this year as the recovery from the pandemic boosted demand, although the weakness in gold shows investor appetite.

* Spot silver fell 0.1% to $ 22.20 an ounce, platinum fell 0.2% to $ 930.72 and palladium fell 0.1% to 1,747.46 $.

DATA / EVENTS (GMT)

1500 EU Consumer Confidence Flash Dec

2350 Japan Bank of Japan releases minutes of October 27-28 monetary policy meeting


Share.

Comments are closed.