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Gold put under pressure by stronger dollar and faster bets on Fed tapering

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  • Return likely to $ 1,800 / oz if gold drops below $ 1,830 – analyst
  • Fed vice chairman says faster cut debate likely in December
  • Investors await Biden Fed chairman’s decision

Nov. 22 (Reuters) – Gold eased on Monday, hovering near a two-week low, weighed down by a stronger dollar and expectations that rising inflation could push the Federal Reserve to accelerate the tightening of its monetary policy.

Spot gold fell 0.2% to $ 1,841.20 an ounce at 12:24 GMT, after hitting its lowest level since November 10 at $ 1,836.00. US gold futures fell 0.6% to $ 1,841.30.

“Gold is supported by surging inflation… but the market is slightly worried about how the Fed is going to deal with it and whether it will step up its efforts, and that could be a short-term drag for the gold, ”said Saxo Bank. analyst Ole Hansen.

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A break below $ 1,830 could open gold at the risk of a return to $ 1,800, Hansen added.

Fed policymakers are debating whether to withdraw support more quickly to deal with inflation, with one of its most influential officials signaling that the idea will be on the table at their December meeting. Read more

The resilience of the US economy has also benefited the dollar and fueled speculation that the Fed may accelerate its reduction, CMC Markets UK analyst Michael Hewson said in a note.

A stronger dollar (.DXY) makes bullion expensive for foreign buyers, while higher rates mean an increase in the opportunity cost of holding unproductive gold.

Investors have also been keeping an eye on US President Joe Biden’s appointment of a new Fed chairman and the return of COVID-19 restrictions in parts of Europe. Read more

“And gold could see some recovery if Lael Brainard is named the next Fed chairman because she’s more on the dovish side,” said Xiao Fu, head of commodities strategy at Bank of China International. .

Elsewhere, spot silver rose 0.6% to $ 24.72 an ounce, platinum edged up 0.2% to $ 1,033.13, while palladium fell 0.9 % to $ 2,042.62.

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Reporting by Arundhati Sarkar in Bengaluru Editing by Mark Heinrich and David Evans

Our standards: Thomson Reuters Trust Principles.

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2/ https://www.reuters.com/markets/europe/gold-pressured-by-stronger-dollar-faster-fed-taper-bets-2021-11-22/

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