BENGALURU: Gold prices hit a more than one-week high on Tuesday as surging coronavirus Delta variant cases raised concerns over its impact on the pace of economic recovery, driving investors towards safe-haven assets. Spot gold rose 0.2% to $1,791.55 per ounce by 0655 GMT, after hitting a peak since Aug. 6 at $1,792.83. Data on Monday showed China's factory output and retail sales growth slowed sharply in July amid new COVID-19 outbreaks, adding to signs its economic recovery is losing momentum. Focus is now on U.S. retail sales data due later in the day as well as the minutes of Fed's July meeting on Wednesday for cues on the central bank's stimulus tapering. Elsewhere, silver rose 0.2% to $23.86 per ounce, having hit a high since Aug. 9 at $23.95.

Source: The Star August 17, 2021 07:07 UTC