Gold prices rise in anticipation of Fed Reserve meeting

Gold prices rose on Monday, with the US dollar approaching its highest levels since early April, and amid concerns about the economic impact of the outbreak of the Delta strain of COVID-19.

Spot gold rose 0.3%, or $4.8, to reach $1,806.9 per ounce, while gold futures contracts for December delivery gained 0.3%, or $5.2, to reach $1,811.1 per ounce, by 09:55am Makkah time.

Elsewhere, silver futures for September delivery rose 0.3% to reach $25.32 per ounce, platinum increased 0.25% to reach $1,066.22 per ounce, while palladium fell 0.52% to $2,662.67 per ounce.

Financial markets are awaiting this week's Federal Open Market Committee meeting, during which it will discuss when and how to ease monetary stimulus.