By Gina Lee

Investing.com – Gold was down on Thursday morning in Asia, but was climbed up from a three-week low. As investors consider how the central banks might respond to rising inflation and the risks posed by COVID-19, investor concerns continue to grow.

The slipped 0.18% to $1781.15 at 10:34 ET (3:30 AM GMT). Normally, the, which is inversely related to gold, fell on Thursday.

On Wednesday, the Chairman stated that the U.S. Federal Reserve should be prepared for the possibility of inflation not falling in the second half 2022 like most forecasters anticipate. After the testimony of Janet Yellen and U.S. Treasury secretary the previous day, he testified Wednesday before the House Financial Services Committee.

Omicron could increase some supply-chain problems and create shortages which have contributed to higher inflation. John Williams from the New York Fed, President, noted that officials need to take this into consideration when they withdraw their support for monetary policy.

The Fed is taking a more aggressive approach to inflation. However, both the Bank of England (BoE) and the European Central Bank remain hawkish.

The data show that November saw a 61.1 increase in the number of users.

In Asia Pacific, South Korea’s grew a higher-than-expected 3.7% year-on-year in November.

SPDR Gold Trust P: reported Wednesday that SPDR Gold Trust’s holdings decreased 0.2%, to 990.82 Tons on Wednesday. This was a Tuesday-based statement.

Other precious metals: Silver rose 0.3% while platinum edged up 0.2%, and palladium rose 0.4%.