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Markets await clearer picture on Omicron

Base metals gained, stock markets rose and the gold price eased as the initial shock over a new COVID-19 strain, Omicron, wore off.
Markets await clearer picture on Omicron Markets await clearer picture on Omicron Markets await clearer picture on Omicron Markets await clearer picture on Omicron Markets await clearer picture on Omicron

Image: Unsplash.com/Nicholas Cappello

Staff reporter

Gold has slid to US$1,784 an ounce on the spot market as a waiting game begins.

"Markets are pricing in an uncertain few weeks now, as the slow process of searching for answers about Omicron plays out," IG market analyst Kyle Rodda said.

"The crux of the issues of course is whether Omicron will lead to the sort of lockdowns, disruptions and weaker economic activity that plagued the globe at the outset of the pandemic, and before vaccines became our ticket to freedom."

Copper was up almost 1% on the London Metal Exchange to $9,662.50 per tonne.

Nickel rose 1.25% to $20,320/t.

Among the mining majors, both Rio Tinto and Glencore rose about 1.7% in London.

Freeport-McMoRan closed up 1.99% in New York and Barrick Gold was flat in Toronto.