Gold prices strengthen their rise due to uncertainty about Omicron | NNDC | Economie

the gold prices It held near a three-week high last week on Monday as the spread of the omicron type of coronavirus in the northern hemisphere stifled appetite for riskier assets.

Spot gold was up 0.1% at $1,798.72 an ounce at 10:45 GMT, while US gold futures were down 0.3% at $1,799.70 an ounce. In the previous session, the metal hit its highest level since November 26.

European shares fell more than 2%, amid a global sell-off in risky assets, as investors worry that COVID-19 restrictions will once again affect the global economy as cases of the variable omicron rise.

Gold, seen as a hedge against inflation and geopolitical uncertainty, has also benefited from expectations of a rate hike from the US Federal Reserve in 2022, as it will boost the dollar and make bullion more expensive for foreign investors.

Among other precious metals, silver was little changed at $22.35 an ounce. While platinum fell 0.3% to $926.92 an ounce. And palladium fell 2.9 percent to $ 1729.77 an ounce.

With information from Reuters.

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