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Gold Down, On Track for Biggest Annual Decline Since 2015 -Breaking

by Mike Robinson

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© Reuters.

By Gina Lee

Investing.com – Gold was down on Thursday morning in Asia as investors continue to monitor the implication of the omicron COVID-19 variant and central banks’ withdrawal of monetary stimulus.

By 10:18PM ET (3:18 GMT), the 0.15% decline to $1,803.15 was a slight improvement. Normally, the inversely related to gold moved down Thursday. The benchmark 10-year U.S. Treasury yields held at an average one month high.

In 2021, the yellow metal fell nearly 5% and will likely record its largest annual drop since 2015. Investors expect that gold trading will remain limited and range bound for the rest of 2019.

Asia Pacific revealed that South Korean grew by a higher-than-expected 5.9% over the past year in November. The data showed, however that South Korean GDP contracted by 1.9% more than expected month-on-month.

Asia Pacific stocks rose on Thursday despite the increase in cases of omicron COVID-19 variations. Investors also continue to keep an eye on central banks’ withdrawal of monetary stimulus.

In China, the latest COVID-19 outbreak in the western city of Xi’an continues, with the country releasing its and purchasing managers indexes (PMI) on Friday.

Silver, platinum, as well as platinum saw a 0.1% drop in other precious metals.

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