Stocks in the United States decline, while gold's value rises
In a concerning turn of events, global markets experienced a downturn on a specific day, as investors grappled with the rising number of new COVID-19 infections driven by the new Omicron subvariant XFG "Stratus." This variant has become dominant in Germany and globally, with a growing share of cases, causing rising incidence rates despite a broad immunity base.
The economic uncertainty and potential disruption weighed heavily on markets. As a result, the European common currency weakened on Monday evening, with one euro worth 1.1809 US dollars (-0.29 percent) compared to the previous day.
The Dow Jones Industrial Average closed at 27,685.38 points, down 2.29 percent from the previous trading day. Meanwhile, the S&P 500 ended the day around 3,401 points (-1.86 percent), and the Nasdaq 100 was calculated at around 11,504 points (-1.61 percent).
In the precious metals market, the price of gold benefited from the market turmoil, with an ounce of gold trading at 1,902.00 US dollars (+0.46 percent) in the evening. The value of gold in euros per gram was equivalent to 51.78 euros.
The ongoing COVID-19 pandemic and its impact on global economies continue to be a significant concern for investors, as they navigate the uncertain market conditions.
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