Gold Up, Investors Await Fed's Next Move Amid Tighter Jobs Market

12.7.21 - Gold Up, Investors Await Fed's Next Move

Gold last traded at $1,783 an ounce. Silver at $22.52 an ounce.

NEWS SUMMARY: Precious metal prices rose Tuesday on bargain-hunting despite a firmer dollar. U.S. stocks rebounded as investors grew less fearful of the potential economic impact from the new omicron coronavirus variant.

Yahoo Finance--"Gold was up on Monday morning in Asia, with investors continuing to digest a mixed U.S. report and weighing its impact on the U.S. Federal Reserve's next move....

The U.S. job report, released on Friday, was mixed. Non-farm payrolls were at 210,000 in November, lower than the 550,000 figure in forecasts prepared by Investing.com and the previous month's 546,000 figure. The unemployment rate fell to 4.2%, a 21-month low....

Although an indication that businesses are boosting hiring, prices remain high and there is little sign of supply constraints easing.

The Fed will likely speed up its asset tapering when it meets later in the month, in response to a tightening labor market. This could also lead to earlier-than-expected interest rate hikes."