Breaking News
Close
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Gold Down, Near Three Week Low as Investors Prepare for Fed Rate Hikes

CommoditiesJan 10, 2022 03:58
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Gold was down on Monday morning in Asia, remaining near a three-week low as investors digest the latest U.S. jobs report and now turn their attention to inflation data.

Gold futures were down 0.35% to $1,791.05 by 10:51 PM ET (3:51 AM GMT) after hitting its lowest since Dec. 16, or $1,782.10, on Friday.

U.S. Treasury yields surged last week following a hawkish U.S. Federal Reserve Stance in the minutes from its December 2021 meeting.

The U.S. job report for December, released on Friday, showed that non-farm payrolls were at a lower-than-expected 199,000, while the unemployment rate was a lower-than-expected 3.9%.

Investors now await inflation data, including the consumer price index, due later in the week. Meanwhile, China will also release its consumer and producer price indexes on Wednesday.

Fed funds futures have already priced an almost 90% chance of a Fed interest rate hike in March 2022 and a more than 90% chance of another one by June. The central bank could also speed up its asset tapering program.

Investors now await comments from a slew of Fed officials throughout the week, including Atlanta Fed President Raphael Bostic, Kansas City Fed President Esther George, St. Louis Fed President James Bullard, Richmond Fed President Thomas Barkin, Philadelphia Fed President Patrick Harker, Chicago Fed President Charles Evans, and New York Fed President John Williams.

Rising U.S.-Russia tensions over Ukraine are also on the radar, with talks indicating that the two sides are far from reaching an agreement and increasing the risk of armed confrontation.

Rising retail appetite for physical gold prompted Indian dealers to charge premiums in the past week, while the upcoming Lunar New Year holiday brightened the sales outlook in Singapore.

In other precious metals, silver was flat at $22.29 an ounce, platinum inched up 0.1% and palladium was down 0.3%.

Gold Down, Near Three Week Low as Investors Prepare for Fed Rate Hikes
 

Related Articles

Gold Rises 2% on Week; First Weekly Win in Five
Gold Rises 2% on Week; First Weekly Win in Five By Investing.com - May 20, 2022

By Barani Krishnan Investing.com -- Gold prices rose 2% on the week to give longs in the game their first weekly win in five. While they may have secured a break from their gloom...

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.
Comments (1)
Iain Heita
Iain Heita Jan 10, 2022 4:22
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I shall read and grasp well of this act in the near week.
 
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
Our Apps
DOWNLOAD APPApp store
Investing.com
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
  • Sign up for FREE and get:
  • Real-Time Alerts
  • Advanced Portfolio Features
  • Personalized Charts
  • Fully-Synced App
Continue with Google
or
Sign up with Email