Bengaluru — Gold prices steadied on Monday as concerns over the impact of the Omicron coronavirus variant offset a stronger dollar, with investors assessing whether the emergence of the variant could change the US Federal Reserve’s more hawkish stance.
With new cases of the Omicron variant found in the Netherlands, Denmark and Australia, more countries imposed travel restrictions to try sealing themselves off. Barot also said while it is too soon to gauge if virus concerns have eased rate hike expectations, there is an upside risk for gold that the variant eventually leads the Fed to scale back on its stimulus-tapering and rate-rise plans.
Reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of gold, which pays no interest.
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Maldives bans travellers from seven African nations as Australia confirms cases of Omicron coronavirus variantMaldives said it was barring travellers from seven African countries from Sunday over concerns about the new Omicron variant of Covid-19.
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