Gold Falls Amid Covid-19 Outbreak in Europe

The price of gold fell on Monday morning in Asia. Concern about the number of people infected with COVID-19 is increasing in Europe which is a negative factor for gold at the moment.

Gold futures fell 0.26% to $1,846.80 an ounce after the dollar, which normally moves inversely to gold, moved higher.

Federal Reserve (Fed) policymakers continue to publicly debate whether or not to cut assets. While the process is being accelerated, it could be on the agenda at the central bank’s next meeting in December.

The rising number of COVID-19 cases in Europe has put Austria in full lockdown, and Germany has also tightened its measures. Inflation could remain above 2% for some time, while the European Central Bank should avoid remaining in this situation.

In addition, demand for Asian gold declined in the previous week.

Meanwhile, SPDR Gold Trust (P: GLD) gold holdings rose 0.8% to 985 tons on Friday from 976.87 tons on Thursday.

Other precious metals:

Silver was down 0.1% at $24.753 an ounce.

Platinum was down 0.6% at $1,025.33 per ounce.

Palladium was down 0.7% at $1,987 an ounce.

The Spot Market is Open

Monday, November 22, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
15.35
1,847.00
1,848.00
+2.00
0.11%
1,838.10
1,849.90
Silver
15.35
24.89
24.99
+0.32
1.32%
24.49
24.99
Platinum
15.35
1,039.00
1,049.00
+12.00
1.17%
1,020.00
1,050.00
Palladium
15.35
2,007.00
2,157.00
+13.00
0.65%
1,976.00
2,172.00
Rhodium
06.00
13,100.00
15,100.00
0.00
0.00%
13,100.00
15,100.00

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