Gold Rise, Ready to Be the Best Week of November 2021 as Investing.com Dollar Weakens

Author: Gina Lee

Investing.com – Gold rose in Asia on Friday morning and was set to make its best weekly profit since November 2021. Investors are waiting for U.S. data that could shed light on the US Federal Reserve’s monetary policy, while the weakening and the US Treasury yields also provided support.

They rose 0.28% to $ 1,826.45 at 22:26 ET (3:26 AM GMT), but the shelter asset rose 1.4% this week.

The dollar, which normally trades the opposite of gold, fell on Friday. The benchmark fell back from a two-year high earlier this week.

Lael Brainard, who became the Fed’s last and most senior official on Thursday, said the Fed is ready to start raising interest rates in March 2022 before the U.S. Senate Banking Committee appoints its vice president. John Williams, President of the New York Faith, will also speak on the same day.

On the other hand, data released on Thursday showed that the US producer price index (PPI) rose by 9.7% and 0.2% in December. The base PPI rose by 0.5% and 8.3%, respectively. It was also higher than expected by 230,000 a week.

More data, and including, will be available on the day. Wells Fargo & Company (NYSE :), Citigroup Inc. (NYSE 🙂 and JPMorgan Chase & Co. (NYSE 🙂 will also report their earnings.

In Asia Pacific, published on the same day, it rose by 20.9% year-on-year, by 19.5% year-on-year, to $ 94.46 billion in December.

On the same day, he issued his final policy decision, raising the interest rate to 1.25%.

Among other precious metals, silver fell by 0.2%, platinum by 0.1% and palladium by 0.4%.