Gold picks up bids to renew intraday high, attacks short-term resistance.US Treasury yields consolidate three-day downside, stock futures and Asia-Pacific equities trade mixed.Omicron fears battle stimulus hopes ahead of the key central bank meetings.Fed December Preview: Gold stays vulnerable as Fed looks to battle inflation
Update: Gold price is trading flat to lower in Tuesday’s trading so far, with bulls limited by the $1,790 key barrier while the downside remains guarded near $1,780. The risk-off market mood puts a fresh bid under the safe-haven US dollar weighing on gold’s upside. The rapid spread of the Omicron covid variant and its potential risks to the global economy dents risk appetite.
On the other hand, the US Treasury yields remain subdued amid pre-Fed anxiety, keeping gold bulls hopeful. The Fed sentiment and Omicron updates will continue to affect the market sentiment and, in turn, the bright metal. The US PPI data will also offer some trading incentives, as the two-day Fed meeting commences on Tuesday.