Gold price extends gain on virus concerns, weak economic data

Gold is heading for its fourth straight gain as investors turned to the safe haven asset amid concerns over the delta coronavirus variant and weaker economic data.

Spot gold rose 0.4% to $1,786.45 per ounce by 11 a.m. EDT, its highest in over a week. US gold futures also advanced 0.7% to trade at $1,790.70 per ounce in New York.

A report published by the Federal Reserve Bank of New York on Monday showed the state’s manufacturing activity moderated in August after expanding at an unprecedented pace a month earlier. Meanwhile, a measure of selling prices advanced to a fresh record, suggesting that inflationary pressures remain elevated.