Dec 2 (Reuters) - Gold struck a one-month low on Thursday as U.S. Federal Reserve Chairman Jerome Powell's comments on the need to tame inflation bolstered bets for faster monetary policy tightening and offset Omicron-driven safe-haven inflows into bullion.
Spot gold was last down 0.2% at $1,778.81 per ounce by 1304 GMT, having earlier hit its lowest since Nov. 3.
In his second day of testimony in Congress on Wednesday, Powell said the Fed needed to be ready to respond to the possibility that inflation might not recede in the second half of 2022 and the central bank would consider a faster tapering of its bond purchases at its meeting this month. read more
The prospect of a faster taper could cap the upside for bullion and boost the U.S. dollar and Treasury yields, in a further dent to gold's appeal, said Michael Hewson, chief market analyst at CMC Markets UK.
"A decent set of jobs numbers also has the potential to push gold lower, towards $1,740, but overall bullion remains in a range, capped around $1,810 and support at $1,740," Hewson said.
Gold's losses were capped by worries about the Omicron coronavirus variant, which has forced countries around the globe to plan stricter restrictions. read more
Spot silver rose 0.7% to $22.46 per ounce and platinum gained 1.2% to $944.54.
The World Platinum Investment Council said the global platinum market would see a much larger surplus this year than it previously forecast and another big oversupply in 2022. read more
Palladium fell 0.3% to $1,741.35 per ounce.