Gold Down, On Track for Biggest Annual Decline Since 2015 By

© Reuters.

By Gina Lee – Gold was down on Thursday morning in Asia as investors continue to monitor the implication of the omicron COVID-19 variant and central banks’ withdrawal of monetary stimulus.

edged down 0.15% to $1,803.15 by 10:18 PM ET (3:18 AM GMT). The , which normally moves inversely to gold, inched down on Thursday, and benchmark 10-year U.S. Treasury yields steadied near a one-month high.

The yellow metal has fallen nearly 5% to date in 2021 and is expected to record its biggest annual decline since 2015. However, investors expect gold trading to remain thin and range-bound for the remainder of the year.

In Asia Pacific, data released earlier in the day showed that South Korean rose a better-than-expected 5.9% year-on-year in November. However, the data also showed that contracted by a larger-than-expected 1.9% month-on-month.

Asia Pacific stocks were mostly up on Thursday, despite a surge in omicron COVID-19 variant cases. Investors also continue to keep an eye on central banks’ withdrawal of monetary stimulus.

In China, the latest COVID-19 outbreak in the western city of Xi’an continues, with the country releasing its and purchasing managers indexes (PMI) on Friday.

In other precious metals, silver, platinum, and platinum all inched down 0.1%.

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