Gold exhibited relatively limited movement by continuing to move around the same price due to indications given by Federal Reserve (Fed) Chairman Jerome Powell to accelerate the tightening of monetary policy.
In the Asian session, the yellow metal traded hovering around $ 1,780 an ounce, while gold futures were positive at $ 1,782 an ounce.
Powell reiterated his earlier statement before the U.S. House Financial Services Committee, that the central bank would accelerate the reduction of its asset purchases in the wake of growing inflationary risks.
This has supported the strengthening of the US dollar and reduced the attractiveness of the precious metal gold, as well as supported by stronger -than -expected US private sector ADP employment data.
Gold trading was also unaffected by the 10 -year lower US treasury yield by hovering around the 1.42%level.
Earlier in the New York session, there was news of the discovery of the first case of the Omicron coronavirus variant in the United States, but gold failed to capitalize on the opportunity to rise as the World Health Organization (WHO) told the existing Covid-19 vaccine could still provide protection against the variant.
