(Bloomberg] — Investors weighed the benefits of monetary policies against the risk posed by the global economic recovery due to the omicron virus. Gold was stable 

Federal Reserve officials are expected to raise interest rates March. Officials say they might need to apply hikes sooner than anticipated to reduce the country’s highest level of inflation since the 1980s. Traders are considering a earlier start for the European Central Bank’s first rate rise in over ten years.

While the Bank of Japan is seen sitting tight on policy while adjusting its view of inflation risks Tuesday, Governor Haruhiko Kuroda is expected to emphasize his commitment to continued easing in pursuit of the bank’s distant price target. 

On the virus front, President Joe Biden’s chief medical adviser on the pandemic Anthony Fauci said it’s too soon to know whether the rapid spread of the new variant will hasten the end of the health crisis. 

After falling for the third time in three-years in 2021, gold is now above $1800 per ounce. This comes amid the prospect of tightening monetary policy and the introduction of vaccines. Still, bullion’s traditional role as an inflation hedge and the uncertainty over omicron’s impact is supporting demand for the haven asset. 

After a 0.1% increase on Monday, the price of an ounce was unchanged at $1,819.08 per ounce. Following an 0.1% increase in Monday’s session, the Bloomberg Dollar Spot Index remained steady. Platinum advanced while silver and palladium remained flat.

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