The yellow metal is trading down by about 0.67% at levels of $ 1770 an ounce in the middle of the European session today, Thursday, the second of December, after testing its lowest level in a month at $ 1766 moments ago, despite the rise in fears of the new strain Omicron in the markets after it spread until the moment in 23 countries, the most recent of which is the United States of America, which announced the first appearance of the strain inside its territory yesterday, Wednesday.

The new and sudden shift from US Federal Reserve Chairman Jerome Powell and his recognition that inflation is high and in need of intervention is negatively affecting the behavior and movements of the yellow metal, as the accelerating tightening policy of the Federal Reserve supports the rise in bond yields and thus the rise in the opportunity cost of acquiring gold.

This is after Federal Reserve Chairman Jerome Powell confirmed in his testimony before Congress on Tuesday and Wednesday that the Fed will consider accelerating the pace of reducing its purchases of years at its next meeting after two weeks, and markets expectations rose that the US Federal Reserve would resort to raising interest rates in a shorter period than before, we followed the statements of the Federal Reserve President In Cleveland, Loretta Mester yesterday, Wednesday, in the American session, which became preferring to accelerate the pace of reducing purchases so that the Fed can raise interest rates sooner if the need arises.

The yellow metal is trading between the acceleration of the tightening pace that the Fed has become more clearly and between the rise in fears of the Omicron dynasty and the rise in the state of anxiety and the rise in inflation that will raise the assets of the safe haven, which is gold among the most important.

Amid the absence of economic data affecting the movements of the yellow metal today, Thursday, the markets are awaiting statements by members of the US Federal Reserve (Barkin – Bostick – Daly – Quarles) in the American session, and therefore the markets will monitor their view of Powell’s recent statements, and is everyone open to the idea of ​​accelerating the gradual tapering and their opinion regarding the future of US interest.

Silver, after retreating for more than four consecutive sessions, is recording some stability today, Thursday, and is trading at levels of $22.33 an ounce, up by 0.11%.

Platinum, in turn, is trading at levels of $937, an increase of about 0.48%, while palladium loses about 0.46% and is trading at levels of $1739.