Gold prices rise amid increasing concerns for Delta variant

Gold prices rose on Monday, with the US dollar retreating from its highest levels in several months, as a result of increasing investors' fears of a slowdown in the global economic recovery due to the outbreak of the Delta variant.

Dallas Federal Reserve Chairman, Robert Kaplan, said, on Aug. 21, that he might change his view if the Delta variant significantly slows economic growth.

Gold futures contracts for December delivery rose 0.15% to reach 1,786.6 per ounce, and spot price gained 0.24% to $1,785.46 per ounce, at 09:44am Makkah time.

Elsewhere, silver futures for December delivery rose 0.4% to reach $23.25 an ounce, spot price for platinum delivery increased 1.7% to reach $1,014.11, and palladium gained 1.5% to reach $2,310.85 per ounce.

Federal Reserve Chairman, Jerome Powell, is scheduled to give his virtual annual address at Jackson Hole this week, during which he will address the economic outlook.