Dubai: Gold prices rise due to rapid surge in Omicron cases

Spot gold was up 0.09% at $1,802.17 per ounce at 9.10 am UAE time.


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Agencies file
Agencies file

Published: Mon 20 Dec 2021, 9:16 AM

Gold prices were slightly up on Monday morning as fears over the rapidly spreading Omicron coronavirus variant boosted the metal's safe-haven appeal.

Spot gold was up 0.09 per cent at $1,802.17 per ounce at 9.10 am UAE time.

The Dubai Gold and Jewellery Group data showed 24K opening at Dh218.25 per gram on Monday morning, up Dh0.25 per gram from its previous close. Among the other variants of the precious metal, 22K opened at Dh205.0 per gram, 21K at Dh195.75 and 18K at Dh167.75.

The possibility of more Covid-19 restrictions being imposed ahead of the Christmas and New Year holidays loomed over several European countries as the Omicron variant spreads rapidly.

The US health officials urged Americans on Sunday to get booster shots, wear masks and be careful if they travel over the winter holidays, as the Omicron variant raged across the world and was set to take over as the dominant strain in the US.

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