WASHINGTON (dpa-AFX) - Gold edged up slightly on Tuesday after its worst sell-off in six weeks in the previous session amid bets of earlier-than-expected rate hikes.
Spot gold rose 0.3 percent to $1,806.71 per ounce, while U.S. gold futures were up 0.4 percent at $1,806.35.
The U.S. dollar reached its strongest level in more than a month against the Japanese yen today after Treasury yields jumped overnight on expectations that the fast-spreading Omicron coronavirus variant would have limited economic impact and that the Federal Reserve will raise rates in March soon after completing tapering of its bond purchases.
A string of new studies suggested that the Omicron virus variant might be less severe than initially feared.
The new variant appears to be far more contagious than previous iterations, but data suggests it may be less virulent than Delta, which led to various nations taking strict preventive measures.
Even though coronavirus cases surged in the U.S., Europe and UK, the number of deaths and hospitalizations remain low.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
