Gold regains some ground as omicron fear boosts safe assets

The gold price It rose on Wednesday as lingering concerns over the omicron variant of the coronavirus helped the bullion rebound some losses from the last session fueled by the seemingly aggressive stance of the Federal Reserve chief.

At 10:17 GMT, spot gold was up 0.6% to $ 1,784 an ounce, after falling 0.9% on Tuesday, after Jerome Powell said the Fed will discuss whether to end purchases. bond ahead of schedule at its December meeting.

Gold futures in the United States improved 0.4% to $ 1,783.90.

Reduced stimulus and interest rate hikes tend to boost government bond yields, raising the opportunity cost of non-interest bearing gold.

For its part, the United States imposed stricter COVID-19 testing standards for air travelers, and more countries tightened their borders amid uncertainty about the new variant.

In other precious markets, spot silver was up 0.4% to $ 22.88 an ounce; platinum was up 2.2% at $ 954.40; and palladium improved 1.8% to $ 1,768.70.

With information from Reuters.