Bullion prices drop 0.4% so far this week as traders await US inflation data
Gold grain at a refinery in Russia. Picture: BLOOMBERG/ANDREY RUDAKOV
“Gold is defending the lower end of the $1,770-$1,810 range because investors are worried about a hawkish Fed pivot, but there’s still enough uncertainty around the Omicron variant, which could delay rate hiking cycles, to support gold,” said Stephen Innes, managing partner at SPI Asset Management. Reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of non-interest-bearing bullion.
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