Gold prices fall marginally amid Omicron concerns

Gold prices fell marginally today, Dec. 21, as the metal is trading below $1,800, in light of the follow-up to the latest developments related to the pandemic.

A number of countries around the world are heading to tighten restrictions related to the pandemic, in light of the rapid spread of Omicron, as British Prime Minister Boris Johnson does not rule out taking further decisions to control the pandemic.

While White House Press Secretary Jen Psaki confirmed in a statement that President Joe Biden does not plan to announce imposing closure measures in response to the rise in HIV infections on the sidelines of his speech today.

Gold futures contracts for February delivery fell 0.2% to reach $1,791.80 per ounce at 10:45am Makkah time. Spot price for the yellow metal rose by 0.2% to reach $1,794.23 per ounce.

Elsewhere, silver futures for March delivery fell 0.5% to reach $22.41 an ounce. Spot price for platinum delivery settled at $936.14, while palladium gained 1.5% to reach $1,772.50 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, declined 0.1% to reach 96.423 points.