Business News Asia
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 |
