Investors Flock to Safe Heaven Assets amid Concerns of Renewed Wave of COVID-19

Traders flocked to safe haven assets, Dollar and Gold amid heightened concern of new coronavirus variant Omicron might potentially cause renewed wave of COVID-19 globally.

Gold futures (ZGG) on Monday inched up by $7.95 per ounce to $1795.95 while the Dollar index climbed to 96.295.

Cases of the new variant were found in the Netherlands, Denmark and Australia and more countries are in assessing decision to impose travel restrictions. Japan earlier on Monday imposed travel ban in to the country.

President of the European Central Bank, Christine Lagarde earlier said, the eurozone is better equipped to tackle economic impact of any new wave of COVID-19.