Gold futures traded higher in early deals of Monday extending Friday’s gains, whetted by the safe haven appeal of the bullion amid uncontrollable spike in covid delta variant infections and on inflation hedge appeal with the expectations that the Federal Reserve will not back off the pandemic-era stimulus earlier-than-expected. The yellow metal for the most active contract had climbed about 0.9% for the week. For the week, the metal saw a rise of nearly 0.9%, based on the most-active contract.
Gold futures for December were trading higher by 0.2% to $1,781.20 an ounce on the Comex division of the New York Mercantile. Spot gold was steady at $$1,779.51 per ounce.