Rapidly spreading Omicron coronavirus variant is boosting gold's safe-haven appeal
Bengaluru — Gold prices edged higher on Monday, hovering near a three-week high hit last week, as fears over the rapidly spreading Omicron coronavirus variant boosted the metal’s safe-haven appeal.
“There are a lot of reasons to own gold since real rates remain historically low even if the Fed raises interest rates. The bond market remains non-reactive in terms of terminal rates,” said Stephen Innes, managing partner at SPI Asset Management. Asian shares slid as surging Omicron cases triggered tighter restrictions in Europe and threatened to drag on the global economy into the new year.
Meanwhile, the US dollar index hovered close to a three-week high hit in the previous week, limiting gains in bullion as a firmer greenback makes the metal more expensive for holders of other currencies.
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