Gold is hovering near its highest level in 3 weeks

Gold prices stabilized globally today, Monday, approaching their highest levels in three weeks, which were recorded last week, as fears of the spread of the mutated Omicron of the Corona virus boosted the demand for buying the precious metal as a safe haven for value.

And gold settled in spot transactions at $ 1798.60 an ounce by 0807 GMT, while US gold futures fell 0.3 percent to $ 1800.10 an ounce.

In the previous session, the price of gold rose to its highest level since November 26.

Gold is often seen as a hedge against inflation and geopolitical turmoil, but a Federal Reserve interest rate hike would increase the cost of acquiring non-yielding gold.

Asian stocks fell as outbreaks of Omicron cases led to new restrictions in Europe.

Silver fell 0.2 percent to $ 22.31 an ounce, palladium fell by about one percent to $ 1699.17, while platinum also fell one percent to $ 921.48 an ounce.

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