Gold Turns Loss For This Reason By Investing.com

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© Reuters.

Written by Gina Lee

Investing.com – It was higher in Asian trading Tuesday, with investors remaining cautious about the impact of the omicron variable from COVID-19 on the global economic recovery.

It also rose 0.29% to $1,790.30 by 10:24 PM ET (3:24 AM GMT).

The Omicron mutant has already urged some countries to close their borders and cast a shadow over the economic recovery.

While US Federal Reserve Chairman Jerome Powell said on Monday he still expects inflation to ease during 2022 as the balance between supply and demand improves. However, he added, “the recent rise in COVID-19 cases and the emergence of the omicron variable poses downside risks to employment and economic activity and increases inflation uncertainty.”

Powell will be heard, along with US Treasury Secretary Janet Yellen, later in the day and the House Financial Services Committee the following day.

Omcrin hasn’t killed him yet..a strong win on the way..but not for everyone:

Update at 18:00 Riyadh time

Several important data were issued before the certificate, including from the University of Chicago, which scored 61.8 points, while experts expected it to achieve 67 points, which is a negative decline.

It was also released, which indicates the state of the American market and whether it is controlled by anxiety or the desire to trade. It is expected to record 111 points, down from 113.8 points in its last monitoring, but it came negative as it scored 109.5 points.

Gold is up more than 1% to trade at $1,802 an ounce at these moments, driven by negative data, fears of the omicron pivot and inflation.

Update at 19:30 Riyadh time

Gold turned lower and lower on comments by US Federal Reserve Chairman Jerome Powell about discussing a faster pace of monetary policy tightening, where Powell said, it is logical and reasonable to discuss ending asset purchases a few months ahead of schedule at the December meeting.

Gold is now trading at 1778.29, down 0.34%.

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