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Gold prices have fallen from a one-week high.

by Seerat Fayaz   ·  December 28, 2021   ·  

Gold prices have fallen from a one-week high.

by Seerat Fayaz   ·  December 28, 2021   ·  

#edgeforex #trading #market #stocks #money #forex #countries #inflation #gold #fallen #high #coronavirus #shutdown #traders #volatility #cryptocurrency #bitcoin fallen

In light trade on Tuesday, gold prices have fallen from a one-week high as easing fears over the Omicron coronavirus type and robust U.S. retail sales data bolstered risk appetite. 

By 0457 GMT, spot gold was down 0.1 percent at $1,809.68 per ounce, after reaching its highest level since December 17 on Monday. Gold futures in the United States were up 0.1 percent at $1,810.90. 

There is a lack of engagement. As a result, any smidgeon of cross-market connection will cause markets to fluctuate. The essence of the debate, and what will likely restrict gold’s positive momentum, will be real rates, which may climb when the economy rebounds from this minor slide on Omicron.

Asian stocks rose, riding the tailwind of another record-breaking day on Wall Street despite solid retail numbers, while the safe-haven yen fell as traders shifted to riskier currencies and asset classes such as equities. 

Crude oil prices rose in anticipation that the Omicron variation will have little influence on global consumption. 

The US dollar, which is also seen as a safe haven, remained at the bottom end of its recent trading range versus a basket of peers, preserving the appeal of greenback-priced gold for holders of non-US currencies and limiting losses. 

In Tokyo, the two-year Treasury yield, which is highly sensitive to interest rate predictions, jumped to its highest level in over 22 months, raising the opportunity cost of storing metal, which pays no interest.

Some central banks’ aggressive tapering is restricting gold’s upside, but the fall hasn’t been as severe as in the past, indicating gold’s underlying resilience. 

Silver declined 0.2 percent to $22.99 per ounce, platinum fell 0.2 percent to $968.14, and palladium sank 0.9 percent to $1,952.05.

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