Gold stumbles with omicron advances and China’s central bank pledge. dollar gains ground

Gold is falling on Monday after three days of consecutive gains, as investors assess the seriousness of the omicron variant, which this weekend caused a significant increase in the number of new infections worldwide and forced cancellation of about eight thousand flights.

At the moment, gold is yielding 0.11%, with the ounce falling to $1,808.19, but still remaining above the $1,800 threshold.

Adding to the fears about omicron is also the promise of the central bank of China to ease monetary policy to face the information. The decision comes in countercycle with the US Federal Reserve, which announced a faster withdrawal of stimulus and reference rate increases in 2022.

In the remaining precious metals, silver depreciates 0.78%, with the ounce being worth $22.76, while platinum stumbles 1.66% to $960.32 per ounce.

The rise of the dollar is also explaining the devaluations registered in precious metals. The index measuring the US currency against a basket of currency rivals is up 0.12% to hit 96,102. The dollar curves 0.04% to 1,134 euros, but adds 0.08% to 114,4700 yen.