Gold Steadies as Waning Omicron Fears Checked by Russia Tensions
- Concerns over variant ease, while invasion sanctions are eyed
- Bullion is heading for its first annual decline in three years
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Gold steadied as investors weighed easing concerns over the severity of the omicron coronavirus variant against an uptick in geopolitical tensions, before the release of key U.S. inflation data later this week.
South Africa’s surge in Covid-19 cases following the emergence of omicron hasn’t overwhelmed hospitals so far, prompting some cautious optimism that the new strain may cause mostly mild illness. Still, some new restrictions are showing up across the world as authorities try to stem the spread of the variant.