Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.2% to close under $1,786 after easing concerns about the Omicron coronavirus variant lifted stocks and the dollar, pressuring alternative assets.

In a televised address, President Biden helped to quell anxiety by reassuring Americans–and the markets–that combating the aggressive new covid strain will not involve "lockdowns or shutdowns." A detailed strategy will be presented on Thursday.

Detected in at least a dozen countries, Omicron has a number of mutations that could possibly make it far more transmissible than the Delta variant. Several nations banned travel from South Africa, where it was first discovered.

Biden's reassurance that the US will not return to the drastic policies of earlier in the pandemic rallied Wall Street after its sharp tumble on Friday. The Dow and S&P 500 rose 1% and 1.5%, respectively, while the Nasdaq jumped 2%.

Adding to risk appetite, pending home sales surged 7.5% in October compared to the month before, more than ten times most forecasts.

The dollar rose 0.2% against major rivals as risk appetite returned, pressuring safe-haven currencies like the yen and Swiss franc. A stronger dollar weighs on gold and other commodities by making them prices in other currencies, curtailing overseas demand.

The other precious metals were mixed, with silver dropping 1.2% while platinum and palladium added 1.1% and 0.5%, respectively.

At the Comex close: February gold slipped $2.90 to $1,785.20; March silver fell 28 cents to $22.85; January platinum combed $10.20 to $964.50; and March palladium picked up $8 to $1,789.20 an ounce.