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Gold Up, But Headed for Worst Week in Five, as Fed Continues Hawkish Tone -Breaking

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By Gina Lee – Gold was up on Friday morning in Asia, set for its worst week in five months over increasing bets that the U.S. Federal Reserve will accelerate asset tapering and hike interest rates quicker than expected to curb rising inflation.

By 11:37 ET (4:37 GMT), the yellow metal had risen 0.76%, to $1797.80 Yellow metal slumped by more than 2.8% over the past week, and is headed for its worst week in 2021 since June 18th, 2021.

According to Goldman Sachs analysts, the Fed will likely increase its pace of monthly bond purchases by up to 30 billion dollars in January 2021, and end its asset tapering scheme around mid-March 2022.

The Atlantic is. The central bank is also coming under pressure from bankers to lend more of its inventory of German government bonds, a move that would avert a market squeeze but undo some of EBC’s own stimulus efforts.

There are a lot of COVID-19 case on the continent. Germany is considering reimposing a lockdown following the lockdown in Austria earlier in this week.

The newly discovered B.1.1.529 variant of COVID-19, detected in South Africa, is also on Investors’ radars with Hong Kong already confirming two cases.

Elsewhere in Asia Pacific, Japan’s grew 0.3% year-on-year, while the recorded 0% growth month-on-month, in November.

In October, the grew at a higher-than-expected 4.9% monthly.

China’s net imports of gold via Hong Kong rose to their highest level since June 2018. In October 2018, buyers stocked up on safe-haven metals to protect themselves against inflation.

Other precious metals: Silver declined 0.1% while platinum fell 0.6%. Palladium was higher 0.4%.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.