Spot gold rose and fell on Tuesday, closing below the 1790 mark in late trading. As the US dollar regained part of its lost ground, investors' interest in risky assets resumed and no longer considered the economic risks brought by the Omicron coronavirus variant. Phillip Streible, chief market strategist at Blue Line Futures in Chicago, said that today is a risk-driven transaction. The U.S. stock market rebounded after falling yesterday, and the U.S. dollar also rebounded following U.S. bond yields, all of which put some pressure on gold prices; but Streible added Said that due to concerns about the economic shock brought by the new crown epidemic and other uncertainties, people took advantage of all the opportunities of falling to buy on dips, and the $1,800 level is still a key support level for gold.

The U.S. dollar regained some of its lost ground overnight, and risk sentiment picked up after the global market fell. OANDA senior market analyst Jeffrey Halley pointed out that gold investors still lack the willingness to bear any form of loss, as evidenced by the rapid fall in the price of gold after rising above US$1,800 recently. He added that the price of gold lacks the momentum to break through the current range.

Despite the increase in the number of new crown cases, global stock markets have risen because the risk appetite of global investors has risen towards the end of the year. Analysts said that the broader market near the end of the year trading may remain light, especially gold, 2021 may end in a range of shocks.