Gold Gets Support From Delta Variant Fears, Eyes on Inflation

Gold prices rose, as fears of a rise in covid-19 cases with the mutated strain of the Coronavirus outweighed pressures from the rise in the dollar and bond yields, while investors awaited inflation data in the United States due to being released later today.

Spot gold rose 0.2% to $1,732.61 an ounce, while US gold futures rose 0.1 percent to $1,733.90.

Risk appetite remains weak in the broader financial markets, as coronavirus cases continue to rise in several Asian countries, threatening the economic outlook and pushing some investors towards safe-haven assets.

But the dollar index consolidated near its highest level in three weeks against its rivals, while US Treasury yields reached their highest level since mid-July.