* Spot gold slipped 0.1% to $1,806.11 an ounce, as of 0035 GMT. US gold futures were little changed at $1,817.80.
* The Fed will make more interest rate hikes next year even as the U.S. economy slides toward a possible recession, Fed Chairman Jerome Powell said on Wednesday, arguing that a higher cost high would be paid if the central bank did not get a firmer grip on inflation.
* Gold is traditionally known as a hedge against inflation, but higher interest rates tend to dampen bullion’s appeal as it increases the opportunity cost of holding the non-yielding metal.
* The European Central Bank is set to raise interest rates for the fourth consecutive time, albeit likely to a lesser extent, and outline plans to drain liquidity from the financial system as it struggles with the galloping inflation.
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.1% to 911.56 tonnes on Wednesday.
* China has drawn up plans to boost domestic consumption and investment, the official Xinhua news agency said on Wednesday, as the world’s second-largest economy grapples with COVID-19 and weakening external demand.
* Spot silver fell 0.4% to $23.81, platinum lost 0.1% to $1,027.82 and palladium fell 0.1% to $1,914.98.
* Spot gold slipped 0.1% to $1,806.11 an ounce, as of 0035 GMT. US gold futures were little changed at $1,817.80.
* The Fed will make more interest rate hikes next year even as the U.S. economy slides toward a possible recession, Fed Chairman Jerome Powell said on Wednesday, arguing that a higher cost high would be paid if the central bank did not get a firmer grip on inflation.
* Gold is traditionally known as a hedge against inflation, but higher interest rates tend to dampen bullion’s appeal as it increases the opportunity cost of holding the non-yielding metal.
* The European Central Bank is set to raise interest rates for the fourth consecutive time, albeit likely to a lesser extent, and outline plans to drain liquidity from the financial system as it struggles with the galloping inflation.
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.1% to 911.56 tonnes on Wednesday.
* China has drawn up plans to boost domestic consumption and investment, the official Xinhua news agency said on Wednesday, as the world’s second-largest economy grapples with COVID-19 and weakening external demand.
* Spot silver fell 0.4% to $23.81, platinum lost 0.1% to $1,027.82 and palladium fell 0.1% to $1,914.98.