January 11, 2022

Gold Steals The Opportunity To Climb

 Gold posted modest gains in the Asian session, seeing prices return to break the $ 1,800 per ounce level amid a weakening greenback dollar.

Investors are now restricting positions in the market as they await Jerome Powell’s testimony on his re -candidacy to chair the U.S. central bank before the Senate Banking Committee at tonight’s New York session.

In addition, market players are also waiting for the release of US inflation data on Wednesday which is expected to show a decline in December compared to the previous reading.

Investor vigilance saw US bond yields and the US dollar move lower in Asian trading sessions.

At the time of writing, the precious metal is trading slightly higher at $ 1,805 an ounce, with gold futures hovering at $ 1,806 an ounce.

If published inflation data shows a stronger reading, gold trading may find temporary support to rebound to its previous high of $ 1,830 per ounce.

Even so, high inflation also means the Federal Reserve (Fed) will tighten its monetary policy by raising interest rates sooner than expected.