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Gold Up, but On Track for Worst Performance in Six Years

CommoditiesDec 30, 2021 10:33PM ET

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Gold Up, but On Track for Worst Performance in Six Years

© Reuters.

By Gina Lee

Investing.com – Gold was up on Friday morning in Asia but is set for its biggest yearly decline in six years.

Gold futures were up 0.26% to $1,818.75 by 9:59 PM ET (2:59 AM GMT). The dollar, which normally moves inversely to gold, inched up on Friday. Benchmark 10-year U.S. Treasury yields fell from one-month highs on Thursday.

The yellow metal has fallen 4% so far in 2021 and is on track for its biggest annual decline since 2015, as global economies continue to recover from the impact of COVID-19. This is despite the continual surge in COVID-19 cases involving the omicron variant.

Benchmark 10-year U.S. Treasury yields fell from one-month highs on Thursday, but there were no major catalysts and many traders are already on holiday.

Asia Pacific stocks were mostly up on Friday morning, following better-than-expected Chinese manufacturing and non-manufacturing purchasing managers indexes (PMIs) for December and a rally in U.S.-listed Chinese equities.

The manufacturing PMI was 50.3 and the non-manufacturing PMI was 52.7, with both indexes exceeding expectations and remaining above the 50-mark indicating growth.

Meanwhile, U.S. data released on Thursday showed that the initial jobless claims in the U.S. fell to 198,000 last week.

In other precious metals, silver and platinum were up 0.3%, while palladium fell 0.5%. Silver is set for its worst year since 2014 with a drop of about 12%. Platinum tumbled nearly 10% and palladium was headed for its biggest annual decline since 2015 with a 20% slump.

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Comments (9)

Red Aslan Dec 31, 2021 11:34AM ET

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Where is the biggest drop of the year?????

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Yousef Aldwairi Dec 31, 2021 5:35AM ET

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Dreams

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MaxiGE Dec 31, 2021 2:05AM ET

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a 20$ move since nymex open thats fishy maybe sell again today wont suprise me

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Syed Saad Dec 31, 2021 1:20AM ET

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Time to sell gold before it reaches 1820. From thr it ll fall down.

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Elon Musk Dec 30, 2021 10:51PM ET

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And inflation will be at least 14% from currently 6.8% CPI(YOY) in 2022

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Elon Musk Dec 30, 2021 10:50PM ET

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Gold will be up at least 40% in 2022

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Edward Chong Dec 30, 2021 10:50PM ET

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haha why don't u say 400% elon .

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Dean Shaun Anderson Jaboh Ak Luke Dec 30, 2021 10:50PM ET

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what a bunch of gambler type of analysis.pity of how u predicting by news.

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George Jetson Dec 30, 2021 10:45PM ET

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gold has been *******for more than 12+ years. Clintion area is gone. one day, gold guys. one day

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Dean Shaun Anderson Jaboh Ak Luke Dec 30, 2021 10:45PM ET

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we can say whatever we want .Decision of market is made and seen on daily-weekly-monthly basis.Dont try to gamble guys

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Ehtasham ul Huq Dec 30, 2021 10:42PM ET

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now buy or sell

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Matt Brackley Dec 30, 2021 10:37PM ET

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yes sell all your gold;)

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Syed Saad Dec 30, 2021 10:37PM ET

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What is expected price for gold to reach ?

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