Gold prices climb on safe-haven appeal, surging coronavirus cases; gold-silver ratio jumps above 76

Gold Climbs on Safe-Haven Appeal

Gold last traded at $1,804 an ounce. Silver at $23.62 an ounce.

NEWS SUMMARY: Precious metal prices were lifted Monday on a weaker dollar and growing Fed tapering doubts. U.S. stocks rose as investors eye a key Jackson Hole event where the Fed could hint at prospects for tapering stimulus.

Money Control--"Gold prices jumped as investors seek refuge in the safe-haven asset amid rising Delta variant cases of coronavirus and FOMC's meeting minutes hinting stimulus easing later in the year. However, the yellow metal upside was capped by the strong dollar....The bullion metal traded in the green after a gap-up start in the evening session.

The precious metal has been trading lower than 50, 100, and 200 days' moving averages but higher than the 5 and 20 days' moving averages on the daily chart.

The US dollar index traded higher at 93.35, up 0.23 percent, the highest in 2021 against the major cross. While the Benchmark 10-year US T-bond yield dipped 4 basis points to 1.22 percent which decreases the opportunity cost of holding the bullion metal."