Gold is trading with gains after optimism last session helped push U.S. and European stocks to new record highs as investors bet the global economic recovery could outweigh risks of the omicron variant and a "tightening" in monetary policy.

By now, gold is up 0.42%, with the ounce appreciating to $1,816.40, holding steady above the $1,800 threshold.

The ounce is heading toward closing 2021 with the first annual loss in three years. This after several central banks began reducing pandemic-era stimulus to contain rising inflation, while monitoring the covid-19 threat to the economic recovery.

In the other precious metals, silver advances 0.79%, with the ounce worth $23.17, while platinum stumbles 0.32%, to $971.53 per ounce.

The gains in gold and silver can also be explained with the dollar, which is trading virtually unchanged. The index that measures the US currency against a basket of rival currencies is unchanged at 96.093.