Gold prices rise ahead of release of Fed Reserve meeting minutes

Gold prices rose on Wednesday, nearing their highest levels in more than a week, as growing concerns about the Delta variant pushed up demand for the precious metal as a safe haven for the currency.

Gold futures contracts for December delivery rose 0.3% to reach 1,793.8 per ounce, at 10:46am Makkah time.

Spot price for delivery increased 0.3% to $1,790.89 per ounce to remain near its highest level in more than a week of $1,795.25 recorded on Aug. 17.

Elsewhere, silver futures for September delivery rose 0.6% to reach $23.80 an ounce, while spot price for platinum increased 1.1% to reach $1,010.31, while palladium gained 1.9% to reach $2,537.98 per ounce.

Investors are awaiting the release of the minutes of the Federal Reserve's monetary policy meeting today, Aug. 18, which was held in July, to know the bank's directions regarding reducing its purchases of bonds.