The Magazine for Asian Investors
Gold Weak After Powell Dreaming Of Ending QE
Gold futures fell overnight after Fed Chairman Jerome Powell had signaled an end to QE earlier than expected.
- Gold contract was down $8.7, or 0.49%, at $1,776.5 per ounce.
- Silver was down 3.7 cents, or 0.16%, at $22.815 an ounce.
- The platinum contract fell $37.2, or 3.86%, at $927.3 per ounce.
- Palladium fell $83.70, or 4.7%, at $1,705.50 an ounce.
Gold futures fell after Powell spoke in front of the Senate Banking Committee last night that the Fed may cut the amount of the QE program by more than $15 billion per month. The Fed will hold another monetary policy meeting on December 14 and 15.
Investors looking for a safe haven continued to buy gold after equity markets weaken and U.S. economic data came in below expectations.
The nationwide house price index in the United States rose by 19.5% year-on-year in September. Yet this was below the level of 19.8% in August.
In November, the consumer confidence index fell to 109.5 from 111.6 in October, with consumer confidence pressured by rising inflation and the spread of COVID-19.
The Spot Market is Open
Wednesday, December 1, 2021
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 12.00 | 1,779.70 1,780.70 | +4.90 0.28% | 1,772.30 1,781.50 |
| Silver 12.00 | 22.89 22.99 | +0.05 0.20% | 22.64 23.00 |
| Platinum 12.00 | 949.00 959.00 | +14.00 1.50% | 932.00 961.00 |
| Palladium 12.00 | 1,712.00 1,862.00 | +40.00 2.39% | 1,668.00 1,868.00 |
| Rhodium 06.00 | 12,850.00 14,850.00 | 0.00 0.00% | 12,850.00 14,850.00 |
