Gold edged higher as investors assessed the resilience of the global economic recovery with Covid 19 cases hitting a Pandemic record.
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None Let s Move In Together And You Can Help Me Pay My Mortgage More than 1.44 million infections worldwide smashed the previous high on Monday. While the highly-transmissible omicron is spreading rapidly around the world, studies suggest that the new strain isn't as virulent as previous variants.
Bullion is heading for its first annual loss in three years as central banks dial back the effects of the Pandemic-era stimulus in order to contain inflation. The S&P 500 hit its 69th record close on Monday, suggesting investors are relatively sanguine about the risks from omicron.
The U.K. will not introduce stricter Covid 19 restrictions in England before the end of the year despite a surge in cases, while the U.S. cut the recommended isolation time for Americans with the disease to five days from 10 days.
The gold has turned rangebound near $1,810 an ounce, reflecting the stability of the U.S. dollar index and bond yields amid a lack of fresh triggers, said Madhavi Mehta, senior analyst at Kotak Securities Ltd. There is concern that a virus has subsided but rising cases and restrictions on the spread are a cause of concern. Gold futures for February were up 0.1% to $1,810 at the beginning of February. 90 an ounce at 1: 30 p.m. in New York. Spot gold dropped 0.3% to $1,807. Bullion is down more than 4% this year. The Bloomberg Dollar Spot Index gained 0.1%. Silver, platinum and palladium were gained.
Victor Foo, chief executive of Singapore Precious Metals Exchange, said the sideways trend will continue in the $1,750 to $1,820 range. If the dollar moves lower, gold will struggle at these levels unless it falls above $1,815 and moving forwards will continue to struggle at these levels. After closing at a two-month high on Monday, the March price of copper fell 0.9% on the Comex. Aluminum and copper fell on the London Metal Exchange for 3 months while lead, nickel and tin went up.
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