Gold prices fall for the second day today, silver prices fall

Gold traders will be watching tomorrow’s US Consumer Price Index (CPI).

Among other precious metals, spot silver fell 0.2% to $22.34 an ounce, while platinum fell 0.2% to $954.51.

“Spot gold is flat as yields climb due to Omicron’s spread vaccine update, while concerns over a potential Russian threat to Ukraine-backed metals. Technically, it is at a juncture where the only breakout for clear direction is This is the only way forward and till then we can play to the range of $1,774 – $1,796,” said Vidit Garg, Director, MyGoldKart. A breakout below $1,760 or above $1,800 would provide further direction, he said.

Pfizer Inc and BioNTech SE said preliminary laboratory studies suggest that a third dose of their COVID-19 vaccine may be needed to neutralize the Omicron variant. Pfizer will have data to reveal how well its vaccine prevents infection with Omicron before the end of the year, Chief Executive Officer Albert Boerla said, adding that he hopes the third booster dose will help restore high levels of protection. will work”.

Meanwhile, analysts say the global equity rally will be tested until there is more clarity on the dangers of the Omicron variant to the economy, and the US consumer inflation numbers this week and the Federal Reserve’s numbers next week. The meeting may provide clues on the pace ahead. decreases and the interest rate increases.

Lower incentives and higher interest rates raise government bond yields, increasing the opportunity cost of bullion, which carries no interest. (with agency input)