Gold fell after Federal Reserve Chair Jerome Powell said officials should weigh removing pandemic support at a faster pace, possibly paving the way for earlier-than-expected interest-rate hikes.
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Powell told the Senate Banking Committee that the matter could be discussed at the Fed's next meeting December 14 -- 15, by which there will be more information on the new coronavirus strain. He also retired the word transitory to describe the high rate of inflation.
Last month, Bullion posted a marginal loss as investors weighed the possibility of the Fed dialing back on the pandemic-era stimulus amid elevated consumer prices, with the uncertainty surrounding the omicron variant's impact on the global recovery. The U.S. central bank is expected to complete its asset-purchase program in mid- 2022, according to a plan announced at the beginning of November to slow buying by $15 billion a month.
With the Fed meeting just around the corner, monetary expectations are being given more importance, according to Madhavi Mehta, senior analyst at Kotak Securities Ltd. Spot gold rose 0.2% to $1,778. After dropping 0.6% Tuesday, Singapore's 77 an ounce was reached by 11: 47 a.m. The Bloomberg Dollar Spot Index was little changed after declining by 0.4% in the previous session. Silver went up in value, while the palladium climbed 1.3% and the platinum gained 1%.
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