The Magazine for Asian Investors
Gold futures price rose $ 13.50 and managed to recover yesterday (December 22). Gold remains at the $1,800 mark, was able to jump the mark again yesterday, and remains in a bullish consolidation.
Gold futures were up $13.50 to close at $1,802.20 per ounce.
The drop in the gold price before was due to the rising yields on U.S. government bonds. This could put the gold price but only briefly under pressure because the real factor, the real interest rates remain negative.
In addition, gold futures were also supported by the weakening of the dollar. The dollar index against the six major currencies in a basket of currencies fell 0.20% to 96.30. The weakening of the dollar made gold contracts cheaper for investors holding other currencies.
Concern about the impact of the Omicron variant has driven investors to gold as a safe haven, so much so that US CDC is now making the Omicron variant the dominant variant in the United States. It accounts for 73% of all COVID-19 cases, and in the US.
U.S. economic data continue to give positive signals. U.S. GDP increased by 2.3% in Q3. In addition, the CB Consumer Confidence Index rose from 111.9 in the previous month to 115.8. Existing home sales also increased from 6.34M in the previous month to 6.46M.
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Thursday, December 23, 2021