Gold prices consolidate rise due to uncertainty about omicron

The gold prices They leveled off near a three-week high reached last week on Monday as the spread of the omicron variant of the coronavirus in the Northern Hemisphere stifled appetite for riskier assets.

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

European stocks fell more than 2%, amid a global sell-off of risky assets, as investors worry that COVID-19 restrictions will again impact the global economy as cases of the variant rise. omicron.

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

Among other precious metals, silver was little changed at US $ 22.35 an ounce; while platinum fell 0.3% to US $ 926.92 an ounce; and palladium was down 2.9% at $ 1,729.77 an ounce.

With information from Reuters.