Silver prices rose more than 1.25% on Monday, recovering from a 6-week low hit on Friday, amid strong safe-haven demand, amid fears over the spread of the new coronavirus variant "Omicron."

Sliver prices rose 1.25% to $23.44 an ounce, after opening at $23.15, and hit a low at $23.06.

Silver fell 2.1% on Friday, and hit a 6-week low of $22.91 an ounce, due to fears over demand in China.

Silver prices lost 6% last week, in the second straight weekly loss, and the largest weekly loss since June.

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.

Oil prices jumped nearly 6% on Monday, within recovery from a 2-month low, amid focus on the new coronavirus variant Omicron, and the upcoming Iranian nuclear talks in Vienna.

US crude rose 6.0% to $72.14 a barrel, after opening at $68.16, and hit a high at $68.16, and Brent crude rose 5.0% to $76.44 a barrel, after opening at $72.86, and hit a high at $72.86.

The US crude lost 12.6% on Friday, the third straight daily loss, and the largest daily loss since April 2020, and hit a 2-month low at $67.43 a barrel, and Brent fell 11.5%, and hit the lowest level since September 10 at $72.14.

This worst daily loss in 2021 came due to global demand fears after a new coronavirus variant emerged, which the scientists call Omicron.

South Africa discovered the omicron variant last week, which led countries to re-impose travel restrictions to prevent the new variant, but these measures seem inefficient in preventing the rapid spread of infection..

The risks are 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.

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. 

The OPEC+ alliance postponed its monthly meeting by several days, to have more time to assess the impact of Omicron on global fuel demand.

The alliance will meet on Thursday instead of Tuesday, to decide on adjusting or keeping the plan to increase output by 400,000 barrels per day in January.

Energy experts believe the alliance may pause the increase, especially after major countries decided to tap their strategic fuel reserves, and the Omicron impact on global demand.

Talks on reviving the 2015 Iran nuclear deal will resume later today in Vienna, as world powers try to bring the US and Tehran to fully comply with the agreement.

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.

Euro fell in European trade against dollar away from week highs, resuming the losses after two days of gains away from 16-month lows, with markets calming down again after the initial shock of the new Covid 19 variant Omicron, and as investors await clearer data on its risks and prevention strategies.

EUR/USD fell 0.4% to 1.1260, with an intraday high at  1.1317, after rising nearly 1% on Friday, the second profit in a row, and the largest in 2021, marking week highs at 1.1330.

It's the largest weekly gain since December 2020 as investors shun risks and but low-yield currencies after the Omicron Covid 19 variant spread around the world.

It was first discovered in South Africa, which prompted many country to close travel to this country , and some like Japan and Israel completely shut their borders.

The risks were that Omicron is highly resistant to current vaccines, with cases already reported in the UK, Germany, Canada, Australia, and Hong Kong.

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