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Gold Down, Omicron Fears Start to Fall -Breaking


© Reuters.

By Gina Lee – Gold was down on Tuesday morning in Asia, with a rebounding dollar and U.S. Treasury yields boxing the yellow metal in a tight $4 range.

By 10:52PM ET (3:52 GMT), the price had dropped by 0.06%, to $1778.50. As fears about the new COVID-19 omicron variant gradually recede, the price fell on Tuesday. However, it remained above $96.

Ben Broadbent (Bank of England) said Monday that U.K. inflation could easily exceed 5% in April 2022, and that a tight labor force risked being a longer-lasting source of inflation.

The difficulty for investors is to anticipate how the central banks will alter their monetary policies in order to control high inflation. Now they look ahead to next week when U.S. Federal Reserve and European Central Bank will announce their December policy decisions within 24 hours.

Asia Pacific saw its interest rate remain at 0.1% as it issued its policy decision earlier that day. The  following a day later.

Data released in the morning showed that the economy grew by 22% and 31.7% respectively in November. It was $71.72 trillion.

According to the Perth Mint, sales of gold products rose by 94% in November from last month and reached an 8-month high. SPDR Gold Trust, (P:), said Monday that its holdings decreased by 0.2% to 982.64 tonnes from 984.38 on Friday.

Other precious metals saw silver drop 0.2% while palladium dropped 0.3%. The price of platinum was $938.00 steady.

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