Gold down, near three-week low as investors brace for Fed rate hike By Investing.com
© Reuters.
By Gina Lee
Investing.com – Gold was down Monday morning in Asia, remaining near a three-week low as investors digest the latest US jobs report and now turn to data on the inflation.
were down 0.35% to $ 1,791.05 at 10:51 p.m. ET (3:51 GMT) after hitting its lowest level since Dec. 16, or $ 1,782.10, on Friday.
U.S. Treasury yields surged last week following a hawkish stance by the U.S. Federal Reserve in the minutes of its December 2021 meeting.
The US jobs report for December, released on Friday, showed it was below expectations of 199,000, while it was below expectations by 3.9%.
Investors are now awaiting inflation data, including the, due later in the week. Meanwhile, China will also release its price indexes and indexes on Wednesday.
Fed funds futures have already valued an almost 90% chance of a Fed interest rate hike in March 2022 and a more than 90% chance of another by June. The central bank could also speed up its asset reduction program.
Investors are now awaiting comments from a large number of Fed officials throughout the week, including Atlanta Fed Chairman Raphael Bostic, Kansas City Fed Chairman Esther George, Chairman of the St. Louis Fed James Bullard, Richmond Fed Chairman Thomas Barkin, Philadelphia Fed Chairman Patrick Harker, Chicago Fed Chairman Charles Evans and New York Fed Chairman John Williams.
Hikes are also on the radar, with talks indicating the two sides are far from reaching an agreement and increasing the risk of armed clash.
Retailers’ growing appetite for physical gold prompted Indian dealers to charge premiums last week, as the upcoming Lunar New Year holiday brightened up sales prospects in Singapore.
In other precious metals, silver was flat at $ 22.29 an ounce, platinum edged up 0.1%, and palladium declined 0.3%.
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