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Gold holds near 3-week high on omicron jitters

Soegeefx AppsPrecious Metal MarketGold holds near 3-week high on omicron jitters

Key Points

  • Spot gold was up 0.2% at $1,800.42 per ounce.
  • U.S. gold futures were down 0.2% at $1,801.50.

A five hundred gram gold bar, left, and a a one kilogram gold bar, produced by Swiss manufacturer Argor Hebaeus SA, in Budapest, Hungary, on Wednesday, July 20, 2016.Akos Stiller | Bloomberg | Getty Images

Gold prices edged higher on Monday, hovering near a three-week high hit in the previous session, as fears over the rapidly spreading omicron coronavirus variant boosted the metal’s safe-haven appeal.

Fundamentals

Spot gold was up 0.2% at $1,800.42 per ounce by 0113 GMT. U.S. gold futures were down 0.2% at $1,801.50.

Asian share markets fell and oil prices slid as surging omicron cases triggered tighter restrictions in Europe and threatened to drag on the global economy into the new year.

The possibility of more Covid-19 restrictions being imposed ahead of the Christmas and New Year holidays loomed over several European countries as the omicron variant spreads rapidly.

U.S. health officials urged Americans on Sunday to get booster shots, wear masks and be careful if they travel over the winter holidays, as the omicron variant raged across the world and was set to take over as the dominant strain in the United States.

U.S. Federal Reserve officials openly spoke of hiking rates as soon as March and of starting to run down the central bank’s balance sheet in mid-2022.

The U.S. dollar index hovered close to a three-week high hit in the previous week.

Physical gold demand in India showed a modest improvement this week as some buyers rushed to stores anticipating a further rise in domestic prices, while customers in other Asian hubs started bullion shopping for Christmas.

Spot silver was up 0.1% at $22.37 an ounce, platinum shed 0.2% to $928.23 and palladium dipped 1.8% to $1,749.51. 

Source : CNBC

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