Gold falls on dollar strength

Gold prices fell on Monday, as the US dollar rose against most currencies, while investors turned to risk assets as the market asses the Omicron variant impact.

Concerns increased around the world after a new Covid-19 variant emerged called "Omicron," as it first appeared in South Africa last week, which sparked concerns of its rapid spread and resistance to vaccines.

Moderna company announced that it is developing an anti-vaccine to prevent the Omicron variant to be available in large quantities early next year.

US President Joe Biden said that there's no need for lockdowns if people are vaccinated and wear their mask, while scientists study the omicron variant.

The dollar index rose against a basket of major currencies by 0.3% to 96.3 points as of 19:58 GMT, after hitting a high of 96.4 points and a low of 96.1 points.

Gold spot prices fell 0.2% to $1,781.1 an ounce as of 19:40 GMT.