Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Gold Up, But Headed for Worst Week in Five, as Fed Continues Hawkish Tone

CommoditiesNov 25, 2021 23:46
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Gina Lee

Investing.com – Gold was up on Friday morning in Asia, set for its worst week in five months over increasing bets that the U.S. Federal Reserve will accelerate asset tapering and hike interest rates quicker than expected to curb rising inflation.

Gold futures rose 0.76% to $1,797.80 by 11:37 PM ET (4:37 AM GMT). The yellow metal has slumped more than 2.8% for the week and was headed for its worst week since June 18, 2021.

The Fed is likely to double the pace at which it tapers its monthly bond purchases from January 2021 to $30 billion, and wind down its asset tapering scheme by mid-March 2022, Goldman Sachs analysts said in a note on Thursday.

Across the Atlantic, the European Central Bank (ECB) released the minutes from its latest meeting. The central bank is also coming under pressure from bankers to lend more of its inventory of German government bonds, a move that would avert a market squeeze but undo some of EBC’s own stimulus efforts.

COVID-19 cases are surging in the continent, with Germany contemplating re-imposing a lockdown after neighboring Austria went into a full lockdown earlier in the week.

The newly discovered B.1.1.529 variant of COVID-19, detected in South Africa, is also on Investors’ radars with Hong Kong already confirming two cases.

Elsewhere in Asia Pacific, Japan’s Tokyo core consumer price index (CPI) grew 0.3% year-on-year, while the Tokyo Ex Food and Energy CPI recorded 0% growth month-on-month, in November.

In Australia, retail sales grew a better-than-expected 4.9% month-on-month in October.

China's net gold imports via Hong Kong jumped to the highest since June 2018 in October, with buyers stocking up on the safe-haven metal to cushion against inflation.

In other precious metals, silver inched down 0.1% and platinum fell 0.6%, while palladium was up 0.4%.

Gold Up, But Headed for Worst Week in Five, as Fed Continues Hawkish Tone
 

Related Articles

Oil gains more than $1/bbl after Saudi price hike
Oil gains more than $1/bbl after Saudi price hike By Reuters - Dec 05, 2021

By Florence Tan SINGAPORE (Reuters) - Oil prices rose by more than $1 a barrel on Monday after top exporter Saudi Arabia raised prices for its crude sold to Asia and the United...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with 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
  • 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.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. 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.

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
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email