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Gold prices rose today as Omicron risks buoyed the safe-haven appeal of the precious metal. On MCX, gold futures were up 0.65% to 48,257 per 10 gram , extending gains to the second day, while silver rates jumped 0.85% to 63,497 per kg. 

Gold prices is taking support on account of new and possibly vaccine resistant Covid variant detected in South Africa and a few other countries. Global economies are already facing high inflation and economic bottlenecks and still in revival mode. In this scenario, if situation worsens or new lockdown imposed globally then we may see a rebound in gold prices," said Ravi Singh, Vice President & Head of Research, ShareIndia.

Support for gold is seen at 47300 to 47,700 zone. 

In global markets, spot gold rose 0.3% to $1,796.53 per ounce as investors weighed the risk to the global economy posed by the Omicron coronavirus variant amid rising expectations of a more tempered approach by Federal Reserve's interest rate hikes.

But capping gold's moves, the dollar edged higher – making gold more expensive for overseas buyers. Global equities regained some footing today after sinking last week on fears that the new variant could bring fresh curbs.

Among other precious metals, spot silver rose 0.7% to $23.30 per ounce while platinum gained 1.4% to $966.99.

While Omicron cases have been detected in at least a dozen countries, a South African doctor who had treated cases said symptoms of the virus were so far mild. The World Health Organisation said assessing the severity of Omicron could take "days to several weeks", though in a sign of caution it warned on Monday that it posed a "very high" global risk.

Equities in Europe today rebounded and US equity futures rose along with Treasury yields as a semblance of calm returned to global markets. 

Meanwhile, gold traders will be watching for clues as Fed Chair Jerome Powell, and New York Fed President John Williams speak at a virtual event later today.  The Fed chief also testifies in the US Senate later this week.  

Meanwhile, the issue price for latest tranche of Sovereign Gold Bond Scheme 2021-22, which opened for subscription today, has been fixed at 4,791 per gram of gold. The Sovereign Gold Bond Scheme 2021-22 - Series VIII will be open for subscription from November 29 – December 03, 2021. The issue price has been fixed at 4,791 per gram of gold.

(With Agency Inputs)

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