On December 29th, gold stocks fell collectively, including Shandong Gold Mining down 2.5%, Zijin Mining Group and China Gold International down about 2%, Lingbao Gold down 1%, and Zhaojin Mining followed.
On the face of the news, although the Omicron mutant virus is highly contagious, studies have shown that the symptoms caused by Omicron are not as serious as previous outbreaks. Analysts say gold prices could fall for the first time in nearly three years as central banks begin to tighten stimulus monetary policies adopted during the COVID-19 epidemic to curb inflation.
Victor Foo, chief executive of the Singapore Precious Metals Exchange, said gold prices would remain in the $1750-$1820 range and would face some resistance above $1815, which would be difficult to maintain in the future unless the dollar fell sharply.
On the face of the news, although the Omicron mutant virus is highly contagious, studies have shown that the symptoms caused by Omicron are not as serious as previous outbreaks. Analysts say gold prices could fall for the first time in nearly three years as central banks begin to tighten stimulus monetary policies adopted during the COVID-19 epidemic to curb inflation.
Victor Foo, chief executive of the Singapore Precious Metals Exchange, said gold prices would remain in the $1750-$1820 range and would face some resistance above $1815, which would be difficult to maintain in the future unless the dollar fell sharply.