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Commodities

4 Jan 2022

Gold Up amid Rising Omicron Cases and U.S. Interest Rate Hike Bets

The Index Today

Tuesday morning in Asia, seen that gold was up amid rising numbers of COVID-19 cases globally led to some countries tightening restrictive measures short of a lockdown. However, due to the rising U.S. Treasury yields and interest rate hikes bets, it made the Gold to have only small gains.

Gold futures edged up 0.18% to $1,803.45 by 11:09 PM ET (4:09 AM GMT).

The gold is expected to rise despite the increase of number of COVID-19 cases globally, according to the Reuters data, the omicron variant is less virulent than Delta. However, omicron is more transmissible, leading to various preventive measures including thousands of U.S. schools delaying returning to classrooms or switching to online learning. Several major banks have also imposed work from home to their employees for a few weeks.

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