Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Gold ticks higher as Omicron virus variant woes boost appeal

11/28/2021 | 09:22pm EST

Nov 29 (Reuters) - Gold prices edged higher on Monday, as concerns over the impact of the possibly vaccine-resistant Omicron coronavirus variant supported the precious metal's safe-haven appeal.

FUNDAMENTALS

* Spot gold rose 0.1% to $1,793.72 per ounce by 0201 GMT. U.S. gold futures advanced 0.4% to $1,793.2.

* The Omicron coronavirus variant spread around the world on Sunday, with new cases found in the Netherlands, Denmark and Australia even as more countries imposed travel restrictions to try to seal themselves off.

* The euro zone is better equipped to face the economic impact of a new wave of COVID-19 infections or the Omicron variant, European Central Bank President Christine Lagarde said.

* Atlanta U.S. Federal Reserve President Raphael Bostic said on Friday he is hopeful that the momentum of the U.S. economy will carry it through the next wave of the pandemic, and said he remains open to accelerating the pace of the central bank's bond taper.

* Reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of gold, which pays no interest.

* Japan's retail sales rose for the first time in three months in October, though less than expected, and the underlying private consumption trend pointed to persistent strains on a fragile economic recovery despite an easing of COVID-19 curbs.

* Physical gold demand picked up in major Asian hubs last week helped by a retreat in prices, with dealers in India preparing for a likely spurt in buying as the wedding season gathers pace.

* Spot silver rose 1.1% to $23.38 per ounce. Platinum gained 2.3% to $976.01, while palladium was up 2.7% at $1,794.69. (Reporting by Nakul Iyer in Bengaluru; Editing by Rashmi Aich)


ę Reuters 2021
Latest news "Economy & Forex"
03:09pTexas synagogue hostages had offered their captor tea
RE
03:09pTexas synagogue hostages had offered their captor tea
RE
03:05pMLK family, Vice President Harris urge U.S. Senate act to bolster right to vote
RE
03:03pAuction for stake in sodexo's benefits unit to kick off this week - source
RE
03:03pBain capital eyes bid for stake in sodexo's benefits and rewards services unit ľ sources
RE
03:01pWorkers at Teck Resources' British Columbia mine to hold ratification vote
RE
02:58pActivision Blizzard fires more people in sexual harassment, probe, report says
RE
02:55pHaoma Mining and Calidus Resources form new Pilbara lithium exploration venture
PU
02:55pCARIBBEAN DEVELOPMENT BANK : PAHO, CDB launch Doing What Matters in Times of Stress, illustrated guide for the Caribbean
PU
02:46pExclusive-French power policy shift has left EDF in shock, CEO says
RE
Latest news "Economy & Forex"