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AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.


1/3/2022: Gold falls in risk-on rally

Source: Bill Musgrave, American Gold Exchange

Austin — Gold fell 1.6% to close just above $1,800 as easing concerns about omicron rallied risk appetite and diminished demand for safe-haven assets.

Although US infections from the new covid variant have risen more than 200% over the past two weeks, the vast majority of cases have been mild, especially among the vaccinated, and the death rate due to covid has fallen 3%.

With investors becoming more optimistic that the latest twist in the pandemic will not derail the US economy, Wall Street is back in rally mode to start 2022. The Dow and S&P 500 jumped 0.6% each while the tech-heavy Nasdaq climbed 1.1%, fueled by record quarterly sales from Tesla.

Benchmark 10-year Treasury yields soared above 1.6% to the highest level in a month as traders shifted from safety to risk. Rising yields pressure gold by increasing the opportunity cost for holding it instead of bonds.

The dollar also rose on the upbeat economic view, adding 0.3% against major rivals. A stronger dollar pressures good and other commodities by making them pricier in other currencies, reducing overseas demand.

Gold ended 2021 on a positive note, rising 2.9% in December and 4% in the fourth quarter to limit its 2021 losses to 3.6%. Silver added 2.4% last month and 5.9% in Q4 but still shed more than 11% last year.

The other precious metals were also lower for today's session, with silver sliding 2.3% while platinum and palladium dropped 1.3% and 4.5%, respectively.

At the Comex close: February gold fell $28.50 to $1,800.10; March silver lost 54 cents to $22.81; April platinum lost $12.20 to $954; and March palladium shed $86.10 to $1,826 an ounce.

  

Metal Ask      Change
Gold $2,235.81           Price Change Down Arrow $-2.68
Silver $25.08           Price Change Down Arrow $-0.06
Platinum $918.61           Price Change Down Arrow $-0.56
Palladium $1,051.50           Price Change Up Arrow $0.26
In US Dollars