Gold supported by weak dollar as silver rose from US data – News Couple

Gold supported by weak dollar as silver rose from US data

(Bloomberg) – Gold held up as the dollar weakened, while silver got a boost from signs of an improving US economy.

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The Bloomberg Spot Dollar Index was flat on Thursday after its biggest drop in three days since the end of November, boosting bullion’s allure. Silver maintained gains after the final US GDP reading was revised higher, boosting expectations for metals exposed to industrial production.

However, investors are still grappling with uncertainty over how the Omicron virus strain will affect global economies. Studies have indicated that patients may be less likely to be hospitalized than the delta variant, but officials around the world remain cautious and are enforcing restrictions to try to limit its spread.

said Avtar Sandu, Senior Director of Commodities at Phillip Futures Pte. , in a report: “The gold market is expected to be choppy and noisy,” as it trades between resistance at $1,810 an ounce and support at $1,760. “Momentum is lacking and prices are likely to consolidate” through the end of the year. He said silver and other industrial-grade precious metals appear poised for a rebound as investors look beyond the Omicron.

Bullion is heading for its first annual loss in three years as central banks scale back pandemic-era stimulus to fight rising inflation. Spot prices rose 0.2% to $1,806.65 by 9:56 am in Singapore.

Silver was little changed after rising 1.3% on Wednesday. Palladium fell 0.8 percent after rising more than 7 percent in two days, while platinum settled after rising 3.2 percent on Wednesday.

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