Gold rises above $1,800 as dollar dips on doubts Fed will taper soon

A spike in COVID-19 cases prompted the Fed to schedule its Aug. 27 annual symposium in Jackson Hole, Wyoming, virtually, with all eyes on Chair Jerome Powell's (pic) speech for hints on the tapering timeline.

NEW YORK: Gold vaulted over the key US$1,800 psychological level on Monday as a retreat in the dollar pushed investors to bullion, with rising coronavirus cases driving expectations that the U.S. Federal Reserve might delay tapering of economic support.

Spot gold jumped 1.3% to $1,803.29 at 1:35 p.m. EDT (1735 GMT), after scaling its highest since Aug. 5 at $1,806.23.