17.08.202110:25:00UTC+00Gold Extends Gains For Fifth Day

Gold prices rose for the fifth day running on Tuesday, with lower U.S. yields and worries over a spike in the COVID-19 Delta variant cases offering some support.

Spot gold inched up 0.4 percent to $1,794.01 per ounce, while U.S. gold futures were up 0.3 percent at $1,795.55.

The yield on the benchmark 10-Year U.S. Treasury note slid to 1.223 percent, from 1.255 percent on Monday, marking its third straight day of declines. Lower bond yields reduce the opportunity cost of holding non-interest bearing gold.

A surge in COVID-19 cases in Asia and elsewhere also raised concerns that there could be another economic slowdown.

As new lockdowns weigh on global growth, it is expected that central bank policy tightening would not happen soon.

Gold is also drawing support from concerns over China's regulations for its once-freewheeling internet sector and the turmoil in Afghanistan.

Focus now shifts to the U.S. retail sales data due later in the day, with the July sales figure likely to show a slowdown in consumer spending.