PHYS - Gold pushes back above $1800 as new COVID variant shakes investors

Gold prices are jumping and mining shares offers a refuge from worries over the impact to the global economic recovery due to the discovery of a potentially highly contagious new coronavirus variant from South Africa. December Comex gold (XAUUSD:CUR) +1.6% to $1,812.80/oz., December silver (XAGUSD:CUR) +0.6% to $23.635/oz. ETFs: GLD, NUGT, IAU, PHYS, GDX, GDXJ Gold miners are indicated higher in the pre-market: GOLD +1.3%, NEM +1%, KGC +1.9%, AUY +1.2%, BTG +2.4%. Among South African miners: HMY +1.8%, GFI +1.2%, AU +0.7%. U.S. Treasurys move sharply higher, with tge 10-year yield tumbling 11 bps to 1.53%, "reducing the threat that earlier in the week helped send gold crashing below $1,835," says Saxo Bank chief investment officer Steen Jakobsen, MarketWatch reports. Gold had been heading for its worst week since August on rising expectations that the Federal Reserve could taper its asset purchases and raise rates at a faster pace.

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Gold pushes back above $1,800 as new COVID variant shakes investors