Gold trading changed little amid growing uncertainty over the Covid-19 Omicron variant and investor vigilance ahead of the FOMC policy meeting.
In the Asian session, gold prices traded hovering around $ 1,787 per ounce, while gold futures were positive at $ 1,788 per ounce.
A recent study from UK scientists found that two doses of the AstraZeneca and Pfizer-BioNTech vaccines did not provide sufficient neutral antibodies against the Omicron variant.
This has left investors worried that Omicron will have a greater impact on the global economy if sanctions are implemented again to curb the virus.
Following these concerns, the precious metal gold was encouraged to trade higher as well as supported by rising US inflation.
Yet at the same time, hawkish expectations of the Federal Reserve’s (Fed) decision to end its bond -buying program sooner than expected, resulted in limited gold movement.
Reduced monetary stimulus and rising interest rates tend to reduce the attractiveness of gold.
