Gold prices are holding firm so far during Friday’s trading session as we learn more and more news regarding the latest Covid-19 variant, omicron. We are seeing the market taking a sort of “wait and see approach” as we have a number of conflicting momentum drivers impacting gold. On one had, we had a relatively strong jobs report this morning which is generally a sign of strength in the economy which leads investors to invest in equities and currency more so than gold. On the other hand, we have the uncertainty surrounding the omicron variant which is leading investors to wonder if they should invest in the relatively steady and safe gold, or follow the jobs data. All-in-all gold is still searching for a level of support below $1,800 and has been trying to find it all week. As it stands now, gold is pacing for a 1.2% decline on the week, its 3rd consecutive week of loss. If you have any questions please feel free to reach out to us.

Gold Feb ’22 Daily Chart

RJOF Editorial Team