(Bloomberg). — The market edged up as investors evaluated the strength of global economic recovery. Covid-19 cases reached a record-breaking high.

On Monday, more than 1.44million infections were reported worldwide. This was after accounting for the statistical blip that occurred in Turkey last year. While the highly-transmissible omicron is spreading rapidly around the world, studies suggest that illness caused by the new strain isn’t as severe as in previous waves.

As central banks begin to reduce inflation-controlling stimulus from the pandemic era, Bullion will experience its first loss of an annual nature in three years. Investors remain cautious about the risks posed by omicron, as they recorded their 69th-best close on Monday.

The U.K. said it won’t introduce stricter Covid-19 restrictions in England before the end of the year despite a surge in cases, while the U.S. cut the recommended isolation time for Americans with the virus to five days from 10 days. 

“Gold has turned rangebound near $1,810 an ounce, reflecting the relative stability in the and bond yields amid a lack of fresh triggers,” said Madhavi Mehta, a senior analyst at Kotak Securities Ltd. “Virus concerns have subsided, however rising cases and restrictions to limit the spread is a cause of concern.”

The price of gold rose 0.2% at $1,815.57 per ounce in London. This is the fifth consecutive day of gains. Still, Bullion is down by more than 4% for the year. Bloomberg Dollar Spot Index lost 0.1%. While silver and platinum edged higher respectively, palladium declined 0.7%

“The sideways trend will continue in the $1,750 to $1,820 range,” said Victor Foo, chief executive officer of Singapore Precious Metals Exchange. “Gold will face some resistance above $1,815 and moving forwards will continue to struggle at these levels unless the dollar moves sharply lower.”

The Comex closed at Monday’s two-month peak and March futures dropped 0.4%. 

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