Gold prices fall due to the rebound of the dollar on Monday

The gold prices They fell on Monday, in a day of few operations in which the dollar rebounded, although the bullion continued to hover around one-week highs, as concern about the omicron variant of the coronavirus increased the demand for security.

At 10:12 GMT, spot gold was down 0.1% at $ 1,806.60 an ounce, but remained above the $ 1,800 hit last week. Gold futures in the United States were down 0.2% at $ 1,807.40.

“Although there is a firmer dollar, not much movement in gold today“Said Peter Fertig of Quantitative Commodity Research, adding that one of the main reasons for the lack of liquidity is the closing of markets over Christmas.

A slight rise in yields increases the opportunity cost of holding gold, which is weighing on prices a bit, he added. Global stocks stabilized and crude fell on concerns about omicron’s possible impact on the economy next year.

The dollar index rose from a nearly a week low, making gold – which is traded in the greenback – less attractive to holders of other currencies.

In other precious metals, silver was down 1% to US $ 22.71 an ounce; platinum fell 1.5% to $ 960; and palladium was down 0.3% at $ 1,943.45, after hitting its highest since November 23 at $ 1,962.50.

With information from Reuters