Gold rose on Tuesday morning in Asia, as investors remained cautious about the impact of the COVID-19 omicron variant on the global economic recovery.
Gold futures were up 0.29% to $1,790.30 by 10:24 PM ET (3:24 AM GMT).
Omicron has urged several countries to close their borders and cast a shadow over the economic recovery.
US Federal Reserve Chairman Jerome Powell said on Monday that he still expects inflation to ease in 2022 as supply and demand move towards a better balance. However, he added that "the recent increase in Covid-19 cases and the emergence of the omicron variant pose downside risks to employment and economic activity and increased uncertainty for with inflation.”
Powell, along with US Treasury Secretary Janet Yellen, will testify before the Senate Banking Committee later in the day and the House Financial Services Committee a day later.
Across the Atlantic, the European Central Bank tried to assuage investor concerns about omicrons on Monday, saying the eurozone's economy has learned to cope with waves of COVID- 19 in a row.
In Asia Pacific, data released earlier in the day showed China's manufacturing PMI at 50.1, while {{ecl-831 | | Non-Manufacturing PMI}} was at 52.3 in November. In Japan, October employment data showed employment/applications ratio at 1.15 and unemployment rate fell to 2, 7%. Industrial output also increased 1.1% month-on-month.
In other precious metals, silver was steady at $22.88 an ounce while platinum and palladium were up 0.4%. Russia's Nornickel, the largest global producer of palladium, raised its investment estimate for 2021-2030 to $35 billion. This allows Nornickel to upgrade its production infrastructure and improve the long-term outlook for PGM output.
Gold price on November 30, 2021: Down below 60 million dong/tael
SJC gold bar on the morning of November 30 dropped to 60 million dong per tael in the afternoon of buying. The domestic gold price is higher than the world price to 11.35 million VND/tael.
SJC gold is 11.35 million dong/tael higher than the world. Ngoc Thang
SJC gold bar in the morning of November 30 decreased by 100,000 - 200,000 VND each, Eximbank (HM: EIB) bought in at 59.9 million VND/tael and sold 60.4 million VND/tael; Saigon Jewelry Company - SJC bought in at 59.75 million dong/tael and sold 60.45 million dong/tael… SJC gold was 11.35 million dong/tael higher than the world.
The gold market continues to struggle to attract fresh upside momentum as some investors fear the Federal Reserve will be more drastic than initially expected when it comes to tightening monetary policy in 2022.
Jeff Weniger, head of equity strategy at WisdomTree, said investors should look to own more real assets and fewer bonds by 2022 as rising inflation remains a threat. Interest rate hikes have not kept pace with inflation.
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