Dec. 1, 2021, 1:38 p.m. EST

Gold futures end higher, buoyed by omicron-fueled uncertainty

Gold futures ended higher on Wednesday, recouping most of the 0.5% loss suffered in the previous session. Gold is really struggling for direction "having repeatedly failed to generate any momentum above $1,800," said Craig Erlam, senior market analyst at Oanda, in a market update. "The dollar easing in recent days and the huge amount of uncertainty in the markets should be giving it a lift, but then we have seen near-term [Treasury] yields rising as the Fed has accepted more action may be necessary." In testimony to the House Financial Services panel Wednesday, Fed Chairman Jerome Powell said the central bank's plan to slow and end its asset purchases shouldn't disrupt financial markets. February gold rose $7.80, or 0.4%, to settle at $1,784.30 an ounce.

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