By Gina Lee

Investing.com – Gold was up on Thursday morning in Asia, holding steady in holiday-thinned trade. A weaker offset investors’ renewed risk appetite, attributable to an encouraging study about the omicron COVID-19 variant that increased optimism around the global economic recovery.

The yellow metal was up 0.2% to $1,806.45 at 10:28 ET (3:30 AM GMT) with a second week of gains of 0.5%.

The Dollar, which is normally inversely related to gold, sank on Thursday.

South African researchers found that people with the omicron-derived variant of Omicron were less likely to experience severe illness and hospitalizations than those who have been infected by the delta variant. This is yet to be peer reviewed. Paxlovid was also granted by the U.S. Pfizer Inc. (NYSE:) Antiviral COVID-19 Pill

U.S. data from Wednesday indicated that the rose 2.3% quarter on quarter in the third quarter. The November home sales reached 6.46 Million, while December’s was at 115.8.

Other data are due to be released later in today’s day:,?,, the and. as well as University of Michigan Indexes and other sources.

In Asia Pacific, governor Haruhiko Kuroda spoke earlier in the day.

However, “the gold market is expected to be choppy and noisy,” trading between resistance at $1,810 an ounce and support at $1,760, Phillip Futures Pte. Avtar Sandu, a senior commodities manager, stated in a report.

“Momentum is lacking and prices most likely will consolidate” until year-end. Investors will look beyond the omicron to see silver and other precious metals that are used in industrial applications as they look for a rebound.

Silver rose 0.1% and platinum rose 0.3%. Palladium declined 0.7%.