02.08.202118:26:00UTC+00Gold Futures Settle Higher As Dollar Slips

Gold prices moved higher on Monday as the dollar weakened against most of its major rivals, and the yield on long term Treasury Notes drifted down notably.

Uncertainty about the pace of global economic recovery due to the continued surge in the delta variant of the coronavirus also pushed up demand for the safe-haven yellow metal.

The dollar index, which slid to 91.91 in the Asian session, pared some losses subsequently and was last seen at 92.07, down 0.11% from the previous close.

Gold futures for December ended up by $5.00 or about 0.3% at $1,822.20 an ounce.

Silver futures for September ended higher by $0.028 at $25.575 an ounce, while Copper futures for September settled at $4.4330 per pound, down $0.0495 from Friday's close.

The dollar held near one-month low as investors now looked ahead to the release of a key U.S. employment report later in the week to gauge the health of the labor market.

Fed Chair Jerome Powell said last week interest rate hikes were "ways away" and the job market still had "some ground to cover."