By Gina Lee

Investing.com – Gold was up on Wednesday morning in Asia as investors turned to safe-haven assets over the fears of the omicron COVID-19 variant. However, higher U.S. Treasury yields and a somewhat improved investor risk appetite countered these concerns and capped the yellow metal’s gains.

By 11:01PM ET (11:01 GMT), the climbed 0.3% to $1,789.20 The normal movement of the inversely to gold is reflected in Wednesday’s tepid rise for the.

U.S. Treasury yields increased on Tuesday as investors focused on improving economic conditions and reducing inflation. A 20-year bond auction went much better than anticipated.

On Wednesday, shares rose in Asia but fell after the recent rally global.

Omicron continues to be spread across Europe, America and Asia, while some other countries are taking stricter steps. Boris Johnson, the U.K. Prime Minster, urged caution but did not place any restrictions on holiday celebrations. France will limit the New Year Eve’s celebrations while Germany will limit gatherings to 10 people.

The U.S. President Joe Biden called on Americans across the Atlantic to have their vaccines before Christmas.

Also, the U.S. Food and Drug Administration will likely approve COVID-19 medication from Pfizer Inc. (NYSE:) and Merck & Co. Inc. as early as this week., according to Bloomberg.

The Asia Pacific released the minutes of its most recent meeting, earlier in the morning.

Silver fell 0.1% in other precious metals while platinum dropped 0.3%. Palladium edged up 0.2%.