Omicron Worries Investors, Gold Becomes More Attractive

Gold futures rose last night (Dec. 1) on falling U.S. stocks and fears of a new wave of coronavirus. Omicron strain drives investors to buy gold as a safe haven.

  • Gold futures were up $7.8, or 0.44%, at $1,784.3 per ounce.
  • Silver was down 47.6 cents, or 2.09%, at $22.339 an ounce.
  • Platinum was up $7.9, or 0.85%, at $935.2 per ounce.
  • The palladium contract was up $48, or 2.8%, at $1,753.50 an ounce.

After the fall of the U.S. stock market and the concern about the new COVID variant, investors continue to seek their safety in safe havens like gold.

White House officials said it could take about two weeks to evaluate the extent and to what extent this variant is more contagious than others.

Last night, labor market data from ADP and Moody’s Analytics were released. Private sector jobs totaled 534,000 in November, down from 570,000 in October.

Investors will keep an eye on Friday’s release of the U.S. non-farm payrolls figures for November.

The Spot Market is Open

Thursday, December 2, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.10
1,776.50
1,777.50
-5.30
-0.29%
1,775.70
1,784.80
Silver
12.10
22.34
22.44
+0.05
0.22%
22.27
22.57
Platinum
12.10
936.00
946.00
+5.00
0.54%
930.00
950.00
Palladium
12.10
1,693.00
1,843.00
+9.00
0.53%
1,684.00
1,846.00
Rhodium
06.00
13,000.00
15,000.00
0.00
0.00%
13,000.00
15,000.00

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