By Gina Lee
Investing.com – Gold was up on Wednesday morning in Asia, but remained near a one-month low. Investors continued to digest signs from U.S. Federal Reserve Chairman Jerome Powell that the central bank would discuss wrapping up asset tapering quicker than planned.
were up 0.23% to $1,780.55 by 10:11 PM ET (3:11 AM GMT). The yellow metal was only $2 short of Tuesday’s last recorded price, which was the lowest since Nov. 4, 2021.
Powell said the Fed will discuss whether to end asset tapering a few months earlier than scheduled in its meeting later in the month. He also veered away from describing high inflation as “transitory”.
Powell’s comments also gave the , which normally moves inversely to gold, a boost. The dollar inched down on Wednesday.
Fed officials are unhappy with inflation above the central bank’s 2% target and bringing actual inflation down will be important to keeping expectations anchored near the Fed’s goal, according to Fed Vice Chairman Richard Clarida.
Across the Atlantic, Bank of England Monetary Policy Committee member Catherine Mann said on Tuesday that the new omicron COVID-19 variant could hurt consumer confidence, in turn weakening economic recovery.
The World Health Organization warned against imposing blanket travel bans, which have already been implemented by several countries. Research into the efficacy of current vaccines against the new variant also continues.
U.S. data, including the and the Fed , will be released later in the day. The U.S. job report, including , will follow on Friday.
In Asia Pacific, China’s for November, , was at 49.9.
In other precious metals, silver was down 0.3%, platinum rose 0.7% and palladium jumped 1%.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.