NUGT - Gold sinks to seven-week low as omicron fears subside
Gold prices slipped to their lowest settlement since mid-October, as the initial safe haven demand for the metal caused by worries over the new COVID-19 omicron variant proves short-lived. Most traders and investors believe that the omicron variant "won't cause catastrophic damage to the global economy," Insignia Consultants research director Chintan Karnani tells MarketWatch, adding that stocks are preferred over safe havens and short-term technicals are bearish. February Comex gold (XAUUSD:CUR) closed -1.2% at $1,762.70/oz, the lowest settlement for a most-active contract since October 12. Gold miners (GDX -1.1%) trade broadly lower but have clawed back from their worst losses on the day: GOLD -1.2%, BTG -1.9%, FNV -1.8%, EGO -0.8%, AEM -0.5%, KGC -0.5%, IAG -3.2%, AU -2.7%. ETFs: GLD, NUGT, IAU, PHYS "Omicron fears have somewhat subsided late this week and that's putting some risk appetite back into the marketplace," according to Kitco's Jim Wyckoff. Also, Fed Chair Jerome Powell's
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Gold sinks to seven-week low as omicron fears subside