Silver rises over 1.25%, rebounds from 6-week low

Silver prices rose more than 1.25% on Monday, recovering from a 6-week low hit on Friday, amid strong safe-haven demand, amid fears over the spread of the new coronavirus variant "Omicron."

Sliver prices rose 1.25% to $23.44 an ounce, after opening at $23.15, and hit a low at $23.06.

Silver fell 2.1% on Friday, and hit a 6-week low of $22.91 an ounce, due to fears over demand in China.

Silver prices lost 6% last week, in the second straight weekly loss, and the largest weekly loss since June.

The risks were that Omicron is highly resistant to current vaccines, with cases already reported in the UK, Germany, Canada, Australia, and Hong Kong, which raises fears over the speed of the spread and the current vaccines ability to prevent it.

More countries re-imposed travel restrictions to prevent the new variant, but these measures seem inefficient in preventing the rapid spread of infection.