Make Kitco Your Homepage

Gold price recovers, ASX tumbles

Kitco News

Australian markets opened lower after Friday's sell off due to new pandemic concerns.

The Australian Stock Exchange is down as of 10:30 a.m. Sydney time with the S&P/ASX200 off 57.60 points or 0.79% to 7,221.70. The exchange set a new 20-day low, according to an update on the ASX homepage.

Spot gold dropped $10 at open to trade as low as $1,783 a ounces before recovering.

Comex February gold futures are up +0.53% to $1,797.5 an ounce as of 6 p.m. ET.

Oil is up with WTI Crude gaining 3.23% to $70.35 a barrel.

On Saturday Britain, Germany and Italy detected cases of the new Omicron coronavirus variant, according to a report by Reuters. British Prime Minister Boris Johnson announced new social distancing measures. Nations are imposing travel restrictions on southern African states, where the variant was first detected.

On Sunday two cases of omicron COVID-19 variant were reported in Ontario. Other cases have been reported in Australia, the Netherlands, Denmark, United Kingdom, Germany, Israel and Hong Kong, according to CNN.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.