KL - Gold climbs back above $1800/oz. on rising dollar continued virus concerns

Gold miners post strong gains as the metal reclaims $1,800/oz., with the dollar retreating from multi-month highs and deepening concerns that the coronavirus delta variant could slow the global economic recovery. December Comex gold (XAUUSD:CUR) +1.3% to $1,807.60/oz., while silver (XAGUSD:CUR) also jumps to start the week, with the September contract +2.4% to $23.67/oz. ETFs: GLD, GDX, GDXJ, NUGT, IAU, GGN, PHYS, DUST Mining shares trade broadly higher: NGD +9.3%, IAG +7.1%, EGO +5.5%, HMY +5%, AUY +4.7%, KL +4.7%, GOLD +4.5%, KGC +3.8%, AEM +3.7%, WPM +3%, NEM +2.7%. "The dollar is trading a tad softer, offsetting an uptick in yields and helping gold prices," Saxo Bank's Ole Hansen says, adding that he expects limited short-term movement ahead of this week's Jackson Hole meeting "to get an indication whether the Federal Reserve is heading towards taper, or if the latest virus outbreak has put a brake on those expectations."

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Gold climbs back above $1,800/oz. on rising dollar, continued virus concerns