By Gina Lee
Investing.com – Gold prices were down on Tuesday morning, but moves were small as investors await decisions from key central banks meetings.
The Fed will begin its two-day monetary policy meeting later in the day and hand down its policy decision on Wednesday, where it is expected to accelerate its asset tapering program. Investors will also look for clues about the timing of interest rate hikes in 2022.
The European Central Bank will hand down its policy decision on Thursday, where it is expected to confirm its exit from EUR1.85 trillion ($2.08 trillion) COVID-19 emergency stimulus scheme in March 2022.
Meanwhile, for the Bank of England, concerns about the omicron COVID-19 variant is outweighing concerns about high inflation and diminishing the probability of an interest rate hike. The U.K. has reported its first death linked to an omicron case, according to Prime Minister Boris Johnson.
Meanwhile, a New York Federal Reserve survey released on Monday showed that U.S. consumers’ short-term inflation expectations were higher, while expectations for future earnings growth dropped, in November.
In other precious metals, silver inched down 0.1%, platinum was stable at $929.45 and palladium was down 0.3%.