Gold Sees Tight Action

Published on Dec 22, 2021 17:25

COMEX Gold stayed supported at lower levels following a correction from three week highs. Soaring US equities capped gains for the metal though worries regarding the increasing spread of Omicron variant of Covid ensured that overall mood is steady for the commodity. The United States on Sunday reported the highest seven-day average of coronavirus cases in three months. The weekly average of 133,012 cases marks a 21 percent increase in a fortnight. The Omicron variant accounted for 73% of all sequenced Covid-19 cases in the US, surging from around 3% last week, according to the latest federal estimates. The COMEX Gold hovers around $1790 per ounce on these cues. The US dollar index is quoting around 96.50 mark, holding near its recent high.