- Write by:
-
Tuesday, December 7, 2021 - 10:45:31
-
753 Visit
-
Print
Mining News Pro - Gold edged lower as investors weighed mixed labor data from the U.S., the Federal Reserve’s hawkish tilt and the threat of the omicron variant to global growth.
Data Friday showed U.S. job growth registered its smallest increase this year while the unemployment rate fell by more than forecast to 4.2%, offering a mixed picture that may nevertheless push the Fed to quicken the wind-down of pandemic stimulus. It came after Chair Jerome Powell signaled faster tapering of asset purchases amid elevated inflation.
Meanwhile, Goldman Sachs Group Inc. economists cut their forecasts for the U.S. economy this year and next after deciding that the spread of the omicron strain of the coronavirus would exert a “modest downside” drag on growth. Moderna Inc. President Stephen Hoge said there’s a “real risk” that existing Covid-19 vaccines will be less effective against omicron, while U.S. medical adviser Anthony Fauci said the variant’s severity may be limited.
Bullion climbed Friday, paring a third straight weekly loss, the longest stretch since September, amid the prospects of less accommodative monetary policy and omicron risks. U.S. consumer prices due this Friday are projected to show the largest annual advance in decades, keeping pressure on the Fed to deliver swifter tightening.
“Gold is still struggling to break above the $1,800 level and we are yet to see any significant safe-haven flows from the recent omicron development,” said John Feeney, business development manager at Sydney-based bullion dealer Guardian Gold Australia. “Gold investors will be paying very close attention to the U.S. inflation numbers out this Friday, so we might see a reaction if we get another beat to the upside.”
Spot gold was 0.2% lower at $1,780.43 an ounce by 10:19 a.m. in London after rising 0.8% Friday. The Bloomberg Dollar Spot Index was steady. Silver, platinum and palladium fell.
Short Link:
https://www.miningnews.ir/En/News/617231
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A new report by IDTechEx states that investing in e-haul trucks could result in major savings for miners due to the ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
Adriatic Metals is taking over as the operator of the Rupice deposit development, which is part of the company’s Vares ...
No comments have been posted yet ...