50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Gold Up, Boosted by Omicron Concerns

Published 11/28/2021, 11:28 PM
Updated 11/28/2021, 11:33 PM
© Reuters
XAU/USD
-
GC
-

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%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.