Breaking News
Investing Pro 0
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER

Gold Up, Dollar Weakens Over Holiday Risk-On Rally

Commodities Dec 23, 2021 10:22PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters
 
XAU/USD
-0.05%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MRK
-1.39%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DX
+0.10%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Gold
-0.10%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Gina Lee

Investing.com – Gold was up on Friday morning in Asia, with the dollar weakening as Santa gifted a “risk-on” rally ahead of the holidays.

Gold futures inched up 0.01% to $1,810.10 by 10:15 PM ET (3:15 AM GMT), remaining above the $1,800 mark. The dollar, which normally moves inversely to gold, inched down on Friday.

Receding fears of the omicron COVID-19 variant’s impact on the economic recovery boosted investors’ risk appetites, capping gains for the yellow metal.

The U.S. Food and Drug Administration granted emergency use approval for Molnupiravir, Merck & Co . Inc.'s (NYSE:MRK) COVID-19 pill, on Thursday.

A U.K. study also showed that omicron infections are less likely to lead to hospitalization, but added that the variant may still produce a significant number of serious cases due to its infectiousness.

In Asia Pacific, however, a laboratory study showed that two doses and a booster of Sinovac Biotech Ltd.’s vaccine did not produce sufficient levels of neutralizing antibodies to protect against omicron.

China also locked down Xi'an on Thursday to curb the latest COVID-19 outbreak in the western city. With the city’s 13 million residents told to remain in their homes and to designate one person to go out every other day for necessities, it is the biggest lockdown since the pandemic’s start in early 2020.

Elsewhere in the region, data released earlier in the day showed that Japan’s national core consumer price index grew 0.5% year-on-year in November. The country’s cabinet also approved a record initial budget for the year starting in April 2022. For the year ending March 2023, Japan plans JPY107.6 trillion yen ($941.26 billion) in overall spending, a 0.9% increase from the current year’s initial budget, according to the finance ministry.

Gold Up, Dollar Weakens Over Holiday Risk-On Rally
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email