Gold price picks up, ASX tumbles – .

Gold price picks up, ASX tumbles – .

Australian markets opened lower after Friday’s sale amid new concerns over the pandemic.

The Australian Stock Exchange is down at 10:30 a.m. Sydney time, with the S & P / ASX200 down 57.60 points or 0.79% to 7,221.70. The exchange set a new 20-day low, according to an update on the ASX homepage.

Spot gold fell $ 10 on the open to trade as low as $ 1,783 an ounce before recovering.

February Comex gold futures are up 0.53% to $ 1,797.5 an ounce at 6 p.m. ET.

Oil is up, with WTI crude gaining 3.23% to $ 70.35 a barrel.

Britain, Germany and Italy detected cases of the new variant of the Omicron coronavirus on Saturday, according to a Reuters report. British Prime Minister Boris Johnson has announced new social distancing measures. Nations are imposing travel restrictions on southern African states, where the variant was first detected.

On Sunday, two cases of the omicron COVID-19 variant were reported in Ontario. Other cases have been reported in Australia, the Netherlands, Denmark, the United Kingdom, Germany, Israel and Hong Kong, according to CNN.

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