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Gold Up, But Remains Below $1,800 Mark as Fed Signals Quicker Asset Tapering

CommoditiesNov 24, 2021 09:47PM ET
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© Reuters.

By Gina Lee

Investing.com – Gold was up on Thursday morning in Asia, but kept below the $1,800 mark after the minutes from the U.S. Federal Reserve’s latest meeting suggesting that the central bank could accelerate asset tapering.

Gold futures were up 0.47% to $1,792.75 by 9:42 PM ET (2:42 AM GMT), after falling to its lowest level since Nov. 4 on Wednesday. The dollar, which normally moves inversely to gold, inched down on Thursday.

The minutes from the Fed’s meeting, released on Wednesday, showed that an increasing number of Fed policymakers would be open to speeding up asset tapering should high inflation continue. Policymakers also signaled a willingness to hike interest rates quicker than planned, if needed.

The U.S. also released data on Wednesday, ahead of a U.S. holiday on Thursday. The data showed that GDP grew 2.1% quarter-on-quarter in the third quarter and that 199,000 initial jobless claims were filed throughout the week.

Meanwhile, the European Central Bank (ECB) must keep borrowing costs in check as the coronavirus pandemic drags on and there is no sign that inflation is getting out of control, ECB board member Fabio Panetta said on Wednesday.

Bank of England Governor Andrew Bailey will also speak at a Cambridge Union event later in the day.

In Asia Pacific, the Bank of Korea hiked its interest rate to 1% as it handed down its policy decision earlier in the day.

In other precious metals, silver gained 0.5%, platinum jumped 1.2% and palladium rose 0.7%.

Gold Up, But Remains Below $1,800 Mark as Fed Signals Quicker Asset Tapering
 

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Comments (5)
Jokers R Us
Jokers R Us Nov 25, 2021 8:15PM ET
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Talk is cheap
Rodney Dangerfield
Rodney Dangerfield Nov 25, 2021 6:26PM ET
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Fact: Precious metals and natural resources are the only thing of actual value
Eric Malm
Eric Malm Nov 25, 2021 1:30AM ET
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The old narrative, US rates up -> push down gold, is still alive within journalism and Agos. When this old truth is broken once for all gold will come to life. We now have approx negative 5% rates in the US and as long as they stay negative all talk about rates concerning gold price is meaningless. In this environment we have now until rates are up to 4-5%, the gold price is driven by other factors, and governments and big banks are key players here protecting currencies and old positions in the books. Day by day investors globally gets more concerned about inflation and the overvalue of stocks and fiat currencies, this will drive gold up.
Wilson Ndungu
Wilson Ndungu Nov 24, 2021 11:00PM ET
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Gold is a precious but sensitive metal. Any hint of Breaking News affects it like a leaf 🌿🍀🌿🍀.
Ama Tobo
Ama Tobo Nov 24, 2021 10:15PM ET
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Sell at 1797 or 1802
 
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