Gold rose on Tuesday as some investors sought hedges amid the uncertainty caused by the rise in cases of the Omicron variant of the coronavirus and the consequences it may have on the recovery of the world economy.
Spot gold rose 0.7% to $ 1,813.16 an ounce, after posting its worst session in more than a month on Monday. Gold futures in the United States improved 0.9% to $ 1,815.40 an ounce.
Several countries have imposed restrictions to cope with the increase in cases caused by the new variant.
Concerns around Omicron have triggered a safe haven offer in gold, TD Securities wrote in a note, but added that “higher gold prices are inconsistent with global markets which value the probability of a rise at 70%. rates from the Fed in March, which puts a cap on prices. “
A rise in US Treasury yields on expectations of Fed rate hikes propelled the dollar to a five-year high against the yen.
In other precious metals, spot silver rose 0.6% to $ 22.99 an ounce; platinum increased 1.8% to 972.01; and palladium gained 2.5% to $ 1,871.36.
Reference-www.eleconomista.com.mx