EconomyGold is trading lower after its best session in...

Gold is trading lower after its best session in a month, awaiting inflation data

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Lima, January 12, 2022Updated on 01/12/2022 07:49 am

Gold prices fell on Wednesday, before inflation data from the United States was released that could provide further guidance on the Federal Reserve’s monetary policy, after comments from the president of the body propelled the metal on the eve .

At 10:55 GMT, spot gold fell 0.27% to $ 1,816.8 an ounce, after posting its biggest daily percentage increase since mid-December the day before. Gold futures in the United States were stable at $ 1,817.70.

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The dollar recovered slightly, a factor that weighed on gold, but “We will have more direction after the US consumer price index data is released”, and if they meet expectations, gold will remain stuck in recent ranges, said Ricardo Evangelista, senior analyst at ActivTrades.

What’s more, “With fears of the impact of the omicron variant fade, gold could lose some appeal as a safe haven asset”Evangelista added.

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In another aspect that put pressure on gold, European stocks rose, in line with positive signals from Wall Street futures, after Fed Chairman Jerome Powell sounded less inclined to adopt an aggressive cycle of rate hikes. interest rate and dispel the market’s fear of a sharp withdrawal of monetary support.

In other precious metals, silver was down 0.3% to US $ 22.70 an ounce; platinum was stable at US $ 970.55; and palladium was up 0.2% at $ 1,924.57.

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