Gold rises 1% as virus jitters, lower yields lift demand

Gold last traded at $1,779 an ounce. Silver at $22.29 an ounce.

NEWS SUMMARY: Precious metal prices steadied Monday on mild profit-taking and a weaker dollar. U.S. stocks rose as investors looked past the emerging threat from the omicron Covid-19 variant.

CNBC--"Gold prices rose nearly 1% on Friday as uncertainty sparked by the Omicron coronavirus variant and a dip in U.S. Treasury yields boosted the safe-haven metal's appeal....

'Gold is benefiting from a flight-to-safety as investor worries around a faster Federal Reserve taper and the COVID situation as both Delta and Omicron pose a risk to short-term growth outlook,' Edward Moya, senior market analyst at brokerage OANDA.

'Gold's end of week performance is significant as it coincides with curve flattening that includes high expectations for a faster Fed taper.'

Sentiment in wider financial markets remained weak, with the Nasdaq tumbling over 2%, as mixed U.S. jobs data and fears around the Omicron coronavirus variant weighed.

Further lending support to gold, the U.S. 10-year bond yield dropped below 1.4% for the first time since September, reducing the opportunity cost of holding non-interest bearing gold."