Park Avenue Numismatics
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Gold clings around $1,800 as holiday lull sets in
12.28.21 - Taxing Economic Credibility
Gold last traded at $1,810 an ounce. Silver at $23.07 an ounce.
NEWS SUMMARY: Precious metal prices steadied Tuesday on rising oil and a flat dollar. U.S. stocks traded mixed as traders weighed the economic impact of Omicron.
REUTERS--"Gold prices hovered around the key $1,800-per-ounce level ahead of the year-end, even as the dollar steadied and appetite for riskier assets improved on easing fears over a fallout from the Omicron coronavirus variant....
'This is just noise on a low-volume day ahead of the holidays,' said Daniel Pavilonis, a senior market strategist at RJO Futures.
He added that next year was bound to be good for gold, especially with high inflation likely to persist....
'Gold faces technical resistance at $1,815 and $1,826, with geopolitical risks ahead potentially keeping gold supported, despite the tapering narrative,' said Nicholas Frappell, a global general manager at ABC Bullion."
