☘️The price of gold in the international market has increased and decreased unpredictably according to the evolution of updated information on the mutation of the Omicron virus.
☘️Investors are insecure because of new information about the Omicron mutation and negative fluctuations in the world financial market.
The CEO of Moderna believes that Omicron reduces the effectiveness of the vaccine. Accordingly, the world will take many months to develop and ship a specific vaccine with the Omicron strain. However, more time is needed to determine exactly how the Omicron variant affects the vaccine's effectiveness.
☘️The USD dropped sharply and world stocks simultaneously dropped, which was the factor that pulled the gold price up.
The new Covid-19 variant was first detected in South Africa and has appeared in more than a dozen countries, prompting many countries to re-enact travel restrictions. The World Health Organization (WHO) classifies Omicron as a variant of concern, on the same level as the Delta variant.
US Federal Reserve Chairman Jerome Powell believes the Omicron variant poses a threat to the Fed's mandate to stabilize prices and maximize employment.
Gold is under pressure from the possibility that the US Federal Reserve (Fed) accelerates the plan to tighten monetary policy to fight inflation.
However, the precious metal commodity is supported by the unpredictable variables of the new virus strain.
Fed Chairman Jerome Powell has just said that the Omicron mutation puts pressure on the US economy and complicates the inflation picture.
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