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Commodities

25 Oct 2021

Gold Climbed Up, Fed taper Still Impending

The Index Today

On Monday morning in Asia, Gold climbed up after losses incurred in the previous session. Fed Chair Jerome Powell’s speech on inflation and asset tapering were among the leading reasons which caused a drop in value.

The USD was down on Monday where Gold Futures moved up 0.16% to $1,799.01. However, it is important to note here that the dollar has improved its position in comparison to its losses in the past month. This has further laid more pressure on gold.

Gold’s value, after reaching its peak since September on Friday started to decline once Powell commented on future asset tapering and possibilities of inflation lasting longer than intended. The subject of raising interest rates is yet to be addressed by the panel.

U.S Treasury Secretary Janet Yellen recently said that inflation was temporary and may return to its normal level by the mid of next year. Investors are also looking forward to policy decision released by other nations including the Bank of Japan, The European Central Bank and more. Silver remained at $24.31 per ounce whereas Platinum inched 0.1% and palladium rose 0.7%.

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