Gold gains on dollar retreat, Delta risks

Gold Gains on Dollar Retreat, Delta Risks

Gold last traded at $1,805 an ounce. Silver at $23.93 an ounce.

NEWS SUMMARY: Precious metal prices steadied near recent highs Tuesday on a weaker dollar. U.S. stocks rose following the full approval for Pfizer-BioNTech's Covid vaccine.

CNBC--"Gold rose on Monday as the dollar pulled back, with lingering concerns over possible roadblocks to global economic growth from rising Covid-19 Delta virus cases boosting bullion's appeal.

'The dollar is trading a tad softer, offsetting an uptick in yields and helping gold prices,' Saxo Bank analyst Ole Hansen said.

'We await Jackson Hole to get an indication whether the Federal Reserve is heading towards taper, or if the latest virus outbreak has put a brake on those expectations.'....

A spike in Covid-19 cases also prompted the U.S. central bank to schedule its annual symposium in Jackson Hole, Wyoming on Aug. 27 virtually, with all eyes on Chairman Jerome Powell's speech on the economic outlook and any hints on the tapering timeline.

Dallas Fed President Robert Kaplan, a strong supporter for tapering stimulus, said on Friday he might need to adjust that view if the Delta variant materially slows economic growth.

Analysts at Goldman Sachs said in a note gold would continue to trade 'moderately higher' on a weaker dollar and demand recovery in emerging markets."