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Gold Up, Boosted by Omicron Concerns

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·1-min read
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  • SI=F
  • ZI=F
  • GC=F
  • ZG=F
  • PA=F
  • PL=F

By Gina Lee

Investing.com – Gold was up on Monday morning in Asia, with concerns over the impact of the possibly vaccine-resistant omicron COVID-19 variant giving the safe-haven yellow metal a boost.

Gold futures were up 0.39% to $1,795.05 by 11:27 PM ET (4:27 AM GMT).

New cases of the omicron variant were found in the Netherlands, Denmark, and Australia over the weekend, even as more countries, including Japan, imposed travel restrictions.

However, the World Health Organization cautioned that it will take time to assess the strain and has classified it as a "variant of concern”. Two South African health experts, including South African Medical Association chair Angelique Coetzee, suggested the omicron variant is presenting with mild symptoms so far.

The eurozone is better equipped to face the economic impact of a new wave of COVID-19 infections or the omicron variant, said European Central Bank President Christine Lagarde.

Across the Atlantic, Atlanta U.S. Federal Reserve President Raphael Bostic said on Friday he is hopeful that the momentum of the U.S. economy will carry it through the next wave of COVID-19 cases, and said he remains open to accelerating the pace of the central bank's asset tapering.

In Asia Pacific, Japanese retail sales grew 0.9% year-on-year in October. In Australia, company gross operating profits grew 4% quarter on quarter in the third quarter of 2021.

Falling prices also saw physical gold demand pick up in major Asian hubs during the previous week. Dealers in India are also preparing for a likely surge as the wedding season gets going.

In other precious metals, silver rose 1.1%, platinum jumped 2.3% and palladium jumped 2.7%.

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