EDITOR'S NOTE: Yahoo! Finance reports that on the heels of the Bloomberg Dollar Spot Index posting its “biggest three-day drop since the end of November,” consumer spending stalling, durable goods rising more than at any point in the last six months, and “investors are grappling with uncertainty about how the omicron virus strain,” gold is on the rise. Even though “bullion is heading for the first annual loss in three years as central banks reduce pandemic-era stimulus to fight surging inflation,” that last part is good for gold, as more and more people and even central banks will turn to gold as a safe haven in these troubled economic times. All the low gold prices mean is that if you decide to buy non-Fungible gold and silver now before it spikes, you’ll get a good price.
(Bloomberg) -- Gold held an advance, tracking modest moves in the dollar as the path of Federal Reserve policy continues to dominate the outlook.
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The Bloomberg Dollar Spot Index steadied on Thursday after its biggest three-day drop since the end of November, boosting bullion’s appeal. U.S. consumer spending stagnated, while durable goods rose by the most in six months, data showed on Thursday. Weekly jobless claims were little changed.
Still, investors are grappling with uncertainty about how the omicron virus strain will impact global economies, and how swiftly policymakers will offer support. Studies have signaled it may be less likely to land patients in the hospital than the delta variant, but officials worldwide remain cautious.
“In the absence of any new marginal hawkish developments, gold continues to hold near the $1,800/oz level,” TD Securities analysts including Bart Melek said in an emailed note. “Omicron fears and their potential impact on the economy will be a key focus in the near-term, and we would likely need to see economic weakness generate doubts that the Fed will be able to deliver.”
Bullion is heading for the first annual loss in three years as central banks reduce pandemic-era stimulus to fight surging inflation. Spot prices were little changed at $1,804.20 by 2:32 p.m. in London.
Silver was little changed after rising 1.3% on Wednesday. Palladium rose 0.7% after surging more than 7% in two days, while platinum was steady after a 3.2% climb on Wednesday.
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Originally posted on Yahoo Finance.