Gold futures rose modestly Monday morning, implying that markets may still be on edge, despite indications that risk aversion sparked on Black Friday by the emergence of a new variant of the coronavirus that causes COVID-19 may be abating somewhat.
Prices for December gold
GCZ21,
GC00,
were up $5.90, or 0.3%, at $1,790.90 an ounce, following a weekly slump of 3.6% based on the most-active continuous contract. The most active contract for gold is now February
GCG22,
which was trading $5.50, or 0.3%, higher at $1,793.40 an ounce on Monday.
Trading on Friday saw gold rise but most of its early gain receded in a shortened session the day after Thanksgiving, as the World Health Organization’s technical advisory group declared omicron a “variant of concern,” with several countries imposing flight bans from countries in southern Africa.
Yields were rising Monday as stock-index futures pointed to a rebound for equities, which saw their worst day in more than a year on Friday.
This post was originally published on Market Watch
