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Spot gold fell 0.7% to about $1,773 an ounce after Fed Chair Powell signalled a possibly faster shift to tighter policy, with the Fed potentially discussing a faster taper at its next meeting. The move erased an earlier rally driven by Omicron concerns.
Faster rate hikes raise the opportunity cost of holding gold and lift the dollar, weighing on precious metals and reflecting a broader risk-off tone in commodities.
cnbc.comReutersNov 30, 2021After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
