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Metals Stocks: Gold prices rise despite rally in global stocks amid omicron


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


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
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.

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