Gold Rises as Fears of Omicron Boost Its Allure

Gold prices rose on Monday after concerns about the impact of the potentially vaccine-resistant Omicron strain of coronavirus boosted gold’s safe-haven appeal.

Spot gold rose 0.1 percent to $1,793.72 an ounce.

US gold futures rose 0.4 percent to settle at $1,793.2.

Actual demand for gold in major Asian hubs increased last week, helped by lower prices, as traders in India prepared for a possible surge in buying with the increasing pace of the wedding season.

As for other precious metals, silver rose in spot transactions 1.1 percent to $23.38 an ounce.

Platinum rose 2.3 percent to $976.01 and palladium rose 2.7 percent to $1,794.69.