Covid-19 Variant Omicron Causes Gold Price Hike

Gold price increased on Monday 29th November 2021, As concerns over the vaccine-resistant omicron COVID-19 variant continues to ravage the globe.

Gold futures rose to $1,795.05 representing a 0.39% percentage change increase at 4:27 AM GMT. As more countries continues to impose travel restrictions, the Covid Variant has been found in Australia, Denmark and Netherland.

Withal, the World Health Organization (WHO) has warned that assessing the strain of the Covid variant will require a large amount of time. However, South Africa’s health experts has proposed that mild symptoms has been detected from the variant.

Christine Lagarde, The president of the European Central Bank has revealed the the European economic space will absorb economic shock from the omicron Covid-19 Variant.

Furthermore, Raphael Bostic has explained that he is optimistic that the U.S. economy will carry it through the next wave of COVID-19 cases and is neutral towards increasing asset tapering of its Central Bank.

Declining prices led to demand for physical gold in Asia in the past week. However, Dealers in India are also preparing for a likely surge as the wedding season gets going.