ANZ comments on XAU:
- Gold found some support despite the stronger USD, with inflation expectations among consumers rising to a new high.
- This drove investor demand for gold, as they sort hedges against rising prices.
- Concerns of weaker economic growth amid rising cases of omicron also supported demand for safe-haven assets.
- This comes ahead of the Federal Reserve meeting this week, where they are expected to increasing tapering and signal rate hikes for 2022.
Gold is relatively steady in the session so far but is giving back just a little as I update: