Gold prices eased on Wednesday to extend losses from the previous session as the U.S. dollar basket neared its recent multi-month high on safe-haven demand amid worries over the adverse impact of the coronavirus pandemic on global growth.
Bond yields also rose as investors continued to push a rebound from an early-week rout.
Spot gold dipped 0.3 percent to $1,805.47 per ounce, while U.S. gold futures were down 0.3 percent at $1,805.50.
The Delta variant of the coronavirus is occurring across world regions, the WHO has noted.
The variant first identified in India is now estimated to make up 83 percent of all sequenced COVID-19 cases in the U.S.
A White House official and a staff member for House Speaker Nancy Pelosi tested positive for COVID-19 after being fully vaccinated.
The Russian government said that over 60 lakh people have been infected in the country since the pandemic began.
In Asia, South Korea and Thailand reported record infections. Australia’s two largest states reported sharp increases in new virus cases.
In Japan, the government’s top COVID-19 advisor said new cases in Tokyo could hit a record in early August, before the end of the Olympics.
The focus shifts to the European Central Bank policy meeting on Thursday, with the central bank expected to announce the outcome of an 18-month strategic review.
President Christine Lagarde hinted at a change to the bank’s forward guidance last week, reflecting the slightly higher tolerance for inflation in the new strategy.