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

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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,
+0.07%

GC00,
+0.07%

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,
+0.06%
,
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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