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Gold holds firm above $1,800 on virus fears, weaker dollar

Khaleej Times 2020-07-13 14:17:51

Gold prices rose on Monday, holding ground above the key $1,800/oz level, as a weaker dollar and worries over surging Covid-19 cases around the globe kept the safe-haven metal underpinned.

Spot gold was up 0.3 per cent at $1,803.80 per ounce by 0303 GMT. US gold futures rose 0.4 per cent to $1,809.10.

Gold prices in Dubai for 24K gold reached Dh218.25 per gram; 22K at 205.00 per gram; 21K at 195.75 per gram and 18K at 167.75 per gram.

"The Covid-19 narrative is not going away and (we) don't think the US Federal Reserve is going to change course on the rates anytime soon, which should support gold prices," said Stephen Innes, chief market strategist at financial services firm AxiCorp. - With inputs from Reuters,