Gold continues to recover amid concerns over Omicron variant

Gold prices jumped on Monday, rising for the third straight day, due to strong safe-haven demand, amid fears over the spread of the new coronavirus variant "Omicron," and concerns over travel restrictions.

Gold prices rose 0.6% to $1,799.41 an ounce, after opening at $1,788.10, and hit a low at $1,779.45.

Gold gained 0.2% yesterday, the second gain in a row, within recovery from a 3-week low of $1,778.45 an ounce.

Gold prices lost 3.1% last week, in the second straight weekly loss, and the largest weekly loss since June, due to the US dollar.

The risks were that Omicron is highly resistant to current vaccines, with cases already reported in the UK, Germany, Canada, Australia, and Hong Kong, which raises fears over the speed of the spread and the current vaccines ability to prevent it.

More countries re-imposed travel restrictions to prevent the new variant, but these measures seem inefficient in preventing the rapid spread of infection.

BioNTech said on Friday that it'll know in just two weeks whether its vaccine is capable of protecting people from the new Covid19 variant. 

Gold stocks at the SPDR ETF rose 1.74 metric tonnes on Friday, with the total at the highest level since September 24 of 992.85 metric tonnes.