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

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