Gold prices stabilized today, Friday, after rising more than 1%, supported by investors’ appetite for safe havens.
This came amid fears of a new strain of the Corona virus, which the World Health Organization called “Omicron”.
And gold rose in spot transactions 0.2% to $ 1791.97 an ounce (an ounce) by 1849 GMT, after rising to $ 1518.26 earlier.
US gold futures rose 0.1% to settle at $1,785.5.
And authorities around the world moved with great concern today, Friday, after news of the discovery of the new strain in South Africa, and the European Union and Britain were among the regions that tightened travel procedures, while researchers sought to find out whether mutations of the new strain were resistant to vaccines.
However, after the rise of the precious metal to support its attractiveness as a safe haven, gold was also affected by the decline in commodities in general, according to Jim Wyckoff, chief analyst at Kitco Metals. He added that the market’s reaction may have been exaggerated.
And what supported gold, and eventually limited its decline, was the sharp decline in the dollar and the decline in US Treasury yields.
Gold is still heading towards recording its worst weekly performance since mid-June, down 2.9% so far, under pressure from expectations that the Federal Reserve will speed up raising interest rates.
As for other precious metals, silver fell in spot transactions 1.9% to $23.14 an ounce.
Platinum fell 4.3% to $ 952.77, and palladium fell 6% to $ 1747.95, on its way to recording a significant weekly decline.