Gold prices soar amid concerns about new coronavirus mutation

Gold prices soared as investors fell to protect themselves in the safe haven as a new, possibly highly contagious coronavirus strain was announced.

Gold derivatives for December rose $ 24.60, or 1.4 percent, to $ 1,808.90 an ounce, above the $ 1,800 psychological threshold.

Gold is on the rise as futures for the US stock market and stock exchanges in Asia and Europe fall after the news of the discovery of a new variant of Covid in South Africa, with a high level of mutations.

Variant B.1.1.529 has been detected in Botswana, in travelers visiting South Africa, in Hong Kong, and in a traveler returning from Malawi to Israel.

The fall of the dollar created favorable conditions for the precious metal. The risk aversion also sent US bonds soaring, “reducing the threat that sent gold below $ 1,835 earlier this week,” said Jakobsen of Saxo Bank.