Spot gold prices rebounded on Tuesday (November 30) as the head of vaccine company Moderna warned that the existing COVID-19 vaccine was unlikely to be as effective against the Omicron variant as it was on the Delta variant.
In terms of physical gold, on November 30, 2021 (today), the gold price inquiry price of domestic gold stores is as follows, and it can be seen that the gold price of physical stores generally shows a downward trend.
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Gold Shop Offer
Gold prices today
unit
Change
Old Temple Gold Price
476
Yuan/g
fall
Leofoo Gold Price
Chow Tai Fook Gold Price
Saturday Foo Gold Price
477
Gold Supreme Gold Price
Old FengXiang gold price
480
Chao Hongji gold price
Zhou Shengsheng gold price
At 16:25 Beijing time, spot gold rose 0.51% to $1793.81/oz; the comex gold main contract rose 0.59% to $1795.7/oz; and the dollar index fell 0.37% to 95.911.
Stephane Bancel, chief executive of drugmaker Moderna, said in an interview with the Financial Times that the effectiveness of the vaccine is not up to the level of anti-Delta variants. "I think it's going to be a significant drop. I don't yet know how big the decline will be, as there is still to wait for data. But all the scientists I've talked to... I don't think it's good. ”
Moderna's CEO remarks shook financial markets, with crude oil futures falling more than 4 percent, the Nikkei falling to a more than a month low and the Hang Seng hitting a low since late September 2020.
Michael Hewson, principal market analyst at CMC Markets UK, said: "It's hard to say how much of an impact this will ultimately have on gold as the market is still digesting these comments. He added that if the stock market falls further, gold prices could return to the $1800 level.
Investors will be watching Fed Chairman Jerome Powell's upcoming testimony in Congress later this week. He warned on Monday (29 November) that the new pressures on the fight against the pandemic have disrupted central banks' judgments about the outlook for inflation, and upward price pressures could last longer than previously thought.
Powell added that the recent increase in COVID-19 cases, as well as the emergence of a new Omicron variant virus, poses "downside risks" to employment and economic growth and "increases uncertainty about inflation." He noted that health-related concerns could "reduce people's willingness to go out and work, which will slow progress in the job market and exacerbate disruption in supply chains."
Sam Bullard, senior economist at Wells Fargo, said: "The emergence of a new variant of the virus could complicate plans to accelerate the reduction in debt purchases at the December meeting, which is the trend before that. ”
Ilya Spivak, a FX strategist at DailyFX, said: "Powell tends to put the market in a state of calm, and he may have hinted that the Fed is prepared to slow down the pace of exiting the stimulus program to provide some support for gold." But gold is unlikely to continue to rally because we still don't know how effective the vaccine will be on this variant. So far, only one person has commented on this, and while the importance is self-evident, the Fed needs a clearer message before it commits to slowing down the pace of reduction. ”