Sunday, December 4

The rebound in the dollar punishes gold. Ómicron limits losses

Gold prices fell on Monday in a day of few operations. The dollar was rebounding, although bullion was still hovering around one-week highs. Concerns about the omicron variant of the coronavirus increased the demand for security.

At mid-session on Monday, spot gold was down 0.1 percent 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 percent at $ 1,807.40.

  • “Although there is a firmer dollar, there is 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.
  • The slight rise in yields increases the opportunity cost of holding gold, which is weighing on prices, he added.

Context // Global stocks were stabilizing and WTI crude was down on concerns about omicron’s possible impact on the economy next year.

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