Gold prices fell on Thursday, resuming losses after pausing yesterday, and hit a 4-week low weighed down by Jerome Powell's statements that boosted the chances of accelerating tightening the US monetary policy.

Gold prices fell 0.8% to the lowest since November 3 at $1,767.52, after opening at $1,782.26, and hit a day high at $1,783.41.

Gold closed higher by 0.4% yesterday, posting its first daily gain in 3 days.

Gold fell today following highly bullish remarks from Fed Chair Jerome Powell this week.

Fed Chairman Jerome Powell said before the House Financial Services Committee on Wednesday that the central bank needs to be prepared to the possibility that inflation remains in the second half of 2022.

Gold stocks at the SPDR ETF fell 2.03 metric tonnes yesterday, with the total at the lowest level since last November 22 of 990.82 metric tonnes.

Euro rose in European trade against dollar, resuming the gains after a hiatus due to short-covering from two-week highs, with caution still gripping the markets as we wait for developments of the new Covid 19 variant Omicron.

EUR/USD rose 0.2% to 1.1339, with an intraday low at 1.1307, after closing down 0.2% yesterday on profit-taking away from two-week highs at 1.1383.

The common currency and most currencies fell against the dollar following highly bullish remarks from Fed Chair Jerome Powell this week.

Markets remain highly volatile amid continued uncertainty regarding the risks of Omicron and Fed's bullish stance.

Omicron has been verified in many major countries, last of which the US, which recorded the first case in California.

Experts expect clearer vision in the next two weeks, especially on how effective the current vaccines are against Omicron.

Gold prices rose on Wednesday, as the US dollar held against most currencies, after Federal Reserve Chairman Jerome Powell's statements.

Wall Street fell yesterday after Federal Reserve Chairman Jerome Powell's statements that the Fed will accelerate the pace of reducing asset purchases, despite concerns over Omicron.

This came after Powell's statements that Omicron may pose a threat to the recovery of employment and US economic growth and cause inflationary pressures that could persist longer.

Data showed today that the US private sector added 534K new jobs in November, beating forecasts of 525,000.

The Institute for Supply Management (ISM) reported that the US manufacturing PMI grew to 61.1 points in November from 60.8 points, missing forecasts of 61.3 points.

The US health authorities reported today the first case of the Omicron variant in California.

The dollar index held against a basket of major currencies at 96 points as of 21:05 GMT, after hitting a high of 96.1 points and a low of 95.6 points.

Gold spot prices rose 0.2%, to $1,781.2 an ounce as of 21:05 GMT.

Oil prices rose on Wednesday, as the US dollar rose against most currencies, but pared some of its gains after the release of US inventories data.

The Energy Information Administration reported today that the US crude inventories fell 900K barrels to 433.1 million barrels during the past week, while analysts forecast a fell by 2.7 million barrels.

While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 747K barrels during the same period.

The dollar index held against a basket of major currencies at 96 points as of 18:33 GMT, after hitting a high of 96.1 points and a low of 95.6 points.

As of 18:22 GMT, WTI January futures rose 0.7% to $66.6 a barrel, after rising near $70 earlier.

Brent February futures rose 0.8% to $69.8 a barrel.