Gold Prices Impacted By Hawkish Comments

Gold futures are currently traded lower by -2.20 at 1774.95 per ounce during on Tuesday after giving back some earlier gains because the precious metal got impacted by comments from U.S. Fed’s Powell sent buyers to selloff.

According to the current market sentiment, Powell was able to send hawkish waves across financial markets.

Volatility is the key word as long as Tuesday’s trading is concerned, because soon after the opening, the market jumped over 1% in reaction to concerns over the Omicron strain.

Those gains were later beaten by Fed Chair Powell’s remarks. Earlier on the day, Gold prices climbed higher after Treasury yields and the USD briefly dropped following a warning from Moderna’s CEO about the effectiveness of the current COVID-19 vaccines.