Gold bounces as dollar stalls, Omicron-led volatility lingers

Spot gold was up 0.4% to $1,780.05 per ounce by 2:33 p.m. ET (1933 GMT), after falling as much as 0.9% on Tuesday after Federal Reserve Chair Jerome Powell's remarks the central bank will discuss whether to end bond purchases earlier than expected in its December meeting.

NEW YORK: Gold rose on Wednesday, tracking a retreat in the dollar as investors used a pullback in the previous session to buy bullion as a hedge against wider market volatility amid concerns over the impact of the Omicron coronavirus variant.

Spot gold was up 0.4% to $1,780.05 per ounce by 2:33 p.m. ET (1933 GMT), after falling as much as 0.9% on Tuesday after Federal Reserve Chair Jerome Powell's remarks the central bank will discuss whether to end bond purchases earlier than expected in its December meeting.