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December 7 (Reuters) – Gold prices stabilized on Tuesday as improving risk sentiment and the strengthening dollar offset support for bullion amid concerns over the economic impact of the Omicron coronavirus variant .
Spot gold was up 0.1% at $ 1,779.50 an ounce at 9.44am GMT. US gold futures were little changed at $ 1,779.20.
“With the much more positive mood in the market, gold prices are expected to remain fairly subdued now …” said Michael Hewson, chief market analyst at CMC Markets UK.
Gold prices could rise if concerns over Omicron resurface, Hewson added.
Global stock markets and oil prices were boosted by allaying concerns about the Omicron variant, with stocks in Europe hitting their highest level in more than a week. Read more
The dollar index <.DXY> gained, standing near a one-week high reached the previous week, raising the cost of gold for buyers holding other currencies.
However, “gold should slowly come down in the face of a tighter policy, and if the (US) CPI comes out warmer than expected, that will only lead to a more aggressive Fed,” said Kyle Rodda, analyst at IG Markets.
Friday’s report on the US Consumer Price Index could be crucial in assessing the next move by the US Federal Reserve.
Fed policymakers are expected to step up their stimulus cuts at its policy meeting next week after data showed unemployment plunged last month, suggesting the labor market is tightening. Read more
Gold is often seen as a hedge against inflation, although reducing stimulus and rising interest rates tend to push up government bond yields, lowering the attractiveness of bullion.
Platinum rose 1.3% to $ 949.41 an ounce, palladium added 0.2% to $ 1,857.75 and silver rose 0.2% to $ 22.39 per ounce.
Reporting by Asha Sistla and Nakul Iyer in Bangalore; Editing by Kirsten Donovan and Uttaresh.V
Our standards: Thomson Reuters Trust Principles.
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