Investors continued to digest signs from Federal Reserve Chairman Jerome Powell that the central bank would discuss liquidating asset cuts faster than planned.
Gold futures rose 0.23% to $ 1,780.55 by 10:11 EST (3:11 GMT). The yellow metal fell just $ 2 below the price last recorded on Tuesday. This was the lowest level since November 4, 2021.
Powell said the Fed will discuss whether to stop asset cuts months earlier than planned at a meeting later this month. He also avoided calling high inflation “temporary.”
Powell’s comment also pushed the dollar up. The dollar usually moves in the opposite direction to gold. The dollar fell slightly on Wednesday. According to Fed Vice-President Richard Clarida, 4,444 Fed officials are dissatisfied with inflation above the central bank’s 2% target, and lowering actual inflation fixes expectations close to the Fed’s target.
Important above. Catherine Mann, a member of the Bank of England’s Monetary Policy Committee, said Tuesday that a new Omicron variant of COVID 19 could undermine consumer confidence and thus weaken economic recovery across the Atlantic.
The World Health Organization has warned of a total travel ban already in place in some countries. Research into the efficacy of current vaccines against new variants is also ongoing.
4,444 US data, including the Institute for Supply Management’s Manufacturing PMI and the Fed’s Beige Book, will be released later that day. US employment reports, including non-farm payrolls, continue on Friday. China’s Caixin Purchasing Managers Index (PMI),
Asia Pacific, announced earlier that day was 49.9 in November. Forand other precious metals, silver decreased by 0.3%, platinum increased by 0.7% and palladium increased by 1%.