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Gold Edges LOWER as Investors Weigh Virus Risks to Global Growth
$Gold (LIST2110.US)$ Gold edged lower as investors weighed mixed labor data from the U.S., the Federal Reserve’s hawkish tilt and the threat of the omicron variant to global growth.
Data Friday showed U.S. job growth registered its smallest increase this year while the unemployment rate fell by more than forecast to 4.2%, offering a mixed picture that may nevertheless push the Fed to quicken the wind-down of pandemic stimulus. It came after Chair Jerome Powell signaled faster tapering of asset purchases amid elevated inflation.
Data Friday showed U.S. job growth registered its smallest increase this year while the unemployment rate fell by more than forecast to 4.2%, offering a mixed picture that may nevertheless push the Fed to quicken the wind-down of pandemic stimulus. It came after Chair Jerome Powell signaled faster tapering of asset purchases amid elevated inflation.
Meanwhile, Goldman Sachs Group Inc. economists cut their forecasts for the U.S. economy this year and next after deciding that the spread of the omicron strain of the coronavirus would exert a “modest downside” drag on growth. Moderna Inc, keeping pressure on the Fed to deliver swifter tightening.
“Gold is still struggling to break above the $1,800 level and we are yet to see any significant safe-haven flows from the recent omicron development.”
Contents excerpted from Yahoo Finance.
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