Gold gains as rising virus cases, easing dollar boost safe-haven appeal

Shafaq News / Gold gained on Monday, as surging COVID-19 cases boosted the metal's safe-haven appeal, aided by a weaker dollar ahead of the U.S. Federal Reserve's meeting this week, while auto-catalyst palladium held below a record peak scaled last week, Reuters reported. 

Spot gold was up 0.1% at $1,778.22 per ounce by 0707 GMT. U.S. gold futures        fell 0.1% to $1,775.70 per ounce.

Cases in India registered a record surge, while Japan declared states of emergency for Tokyo, Osaka and two other prefectures on Friday to combat a spike.              

Speculators raised their bullish positions in COMEX gold in the week to April 20, the U.S. Commodity Futures Trading Commission said on Friday.        

U.S. factory activity powered ahead in early April, while retail sales jumped to a record high in March and hiring accelerated.             

Market participants now await Fed's two-day policy meeting starting on Tuesday. Although no change in policy is expected, the focus will be on Chair Jerome Powell's press conference.

Palladium rose 1.2% to $2,889.47 per ounce, after scaling a record peak of $2,925.14 on Friday.

 Silver fell 0.2% to $25.95 per ounce. Platinum was up 0.6% at $1,237.01.