COMEX Gold Eases From Five Week High

Published on Dec 29, 2021 11:53

COMEX Gold futures stayed supported following the broad Covid-19 worries. The US on Monday reported more than half a million new COVID-19 cases - vastly worse than any other single day of the entire pandemic. Monday`s tally of more than 500,000 new cases was higher than the nation`s previous record of more than 303,000. The apparent spike likely represents some cases backlogged over the Christmas holiday, but it also reflects part of the surge of the highly contagious omicron strain. The yellow metal shot up to a five-week high above $1820 per ounce before easing. The metal corrected following this spurt and trades around $1807 per ounce right now, down marginally on the day.