Gold Lingers Around $1810 Mark

Published on Dec 27, 2021 11:22

COMEX Gold futures stabilized around one month high on broad worries over to the Omicron strain of Covid-19. The new omicron variant of SARS-CoV-2 that causes COVID-19 is now present in over 100 countries, a significant increase from the 76 it was detected in till last week. Studies have established that the new variant of concern is far more transmissible than its predecessor, delta and has the ability to evade immunity, derived either from natural infection or vaccination. COVID-19 infections are set to rocket over the next two-three months and hit three billion, according to latest projections incorporating omicron data by the Institute for Health Metrics and Evaluation (IHME), an independent population health research centre at University of Washington Medicine. COMEX Gold stabilized around $1810 per ounce in last session and currently linger around the same mark as global markets saw a cautious start following the Christmas Holidays.