Markets React Negatively To New COVID-19 Variant

GOLD

Over the weekend and today, many nations have imposed new travel restrictions and lockdowns to prevent the spread of the new Covid-19 variant (Omicron). Financial markets are reacting negatively to these new restrictions. The Gold price held in the $1,783 to $1,793 area during most of today’s trading. At 11am PT today, Gold is trading at $1,787 per ounce, down $10 on good volume.

SILVER

Silver continues to sell-off on the news of increased travel restrictions and lockdowns from many nations. Silver couldn’t hold the $23 per ounce support level, and reached a low of $22.74 per ounce before finding bargain buying. At 11am PT today, Silver is down $0.28 per ounce, trading at $22.97 on excellent volume.