Gold trades slightly higher Wednesday morning, in the penultimate session before a holiday break. Many global markets will be closed on Friday in observance of Christmas.

Bullion has lost its grip on $1,800 over the past few sessions, amid choppy, low-liquidity trade leading up to the final sessions of 2021, which has been marked by concerns about the spread of the omicron variant of the coronavirus that causes COVID-19 and the reaction of global central banks to evidence of surging inflation.

After hitting a mid-November, near-term peak, gold futures have mostly traded sideways, navigating the terrain between around $1,760 and slightly above $1,800 an ounce.

February gold GCG22, +0.26% was trading 0.1%, or $2.40, higher at $1,791.10 an ounce early Wednesday, at last check, after settling 0.3% in the session before.

“Gold prices are figuring out its year-end trading range somewhere around $1800 and that should remain intact as trading volumes decrease,” wrote Edward Moya, senior market analyst at Oanda Corp., in a Wednesday note.

“Gold’s long-term outlook remains bullish as investors may have aggressively priced in Fed tightening for next year,” the analyst wrote.

Meanwhile, March silver SIH22, +0.60% was trading 13 cents, or 0.6%, higher at $22.66 an ounce, following a 1.1% advance on Tuesday.

For the week, gold is headed for a weekly decline of 0.8%, while silver is on pace for 0.5% gain thus far, FactSet data show, based on the most-active contracts.

Source: This post first appeared on http://marketwatch.com/

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Driver responsible for fatal hit-and-run on SW 34th Street sentenced to 8.5 years in jail

BY JENNIFER CABRERA GAINESVILLE, Fla. – James Richard O’Reilly, 20, was sentenced…

‘People are breaking into small businesses and stealing from them:’ Owners of local wing joint want to know why their business was targeted by thieves

It took less than five minutes for the thief to smash through…

Brittney Griner freed by Russia in prisoner swap

Griner had been in Russian custody since February, after being detained over…

Jayveyon Louis Burley Killed 1-Year-Old Daughter: Cops

Jayveon Louis Burley A 22-year-old father in California is behind bars this…

Eric Swalwell Mockingly Endorses Ronna McDaniel: ‘4 More Years!’

Rep. Eric Swalwell (D-CA) continued his mission to further divide Republicans when…

Tilt Studio is coming to Bismarck and Minot

NORTH DAKOTA (KXNET) — A new arcade and fun center is planning…

MacArthur HS teacher arrested for having improper relationship with student, police say

SAN ANTONIO – A MacArthur High School teacher was arrested after San…

Stephen Bear arrives at court in fur coat and holding a cane for third day of revenge porn trial

Stephen Bear arrived at court in a black fur coat and holding…

Water main break reported on Fort Caroline Road in Jacksonville

JACKSONVILLE, Fla. — JEA will be closing all westbound traffic from the…

Harry Dunn’s killer Anne Sacoolas avoids jail term as she is sentenced on live TV

Teenager Harry Dunn begged a bystander ‘don’t let me die’ after he…

Martin Lewis warns of 'rule' for using air fryer or microwave instead of oven this Christmas

The finance expert has a strict rule about how and when it’s…

Parolee Busted for 25th Time at Taco Bell – Scioto County Daily News

Parolee Busted for 25th Time at Taco Bell A report of a…