Gold gains as rising COVID-19 cases, easing U.S. dollar boost appeal

Gold last traded at $1,779 an ounce. Silver at $26.19 an ounce.

NEWS SUMMARY: Precious metal prices rose Monday on safe-haven buying and a flat dollar. U.S. stocks inched higher as investors geared up for one of the busiest weeks of the first-quarter earnings season.

CNBC--"Gold prices held firm on Monday, supported by a weaker dollar ahead of the U.S. Federal Reserve's meeting this week, while supply worries kept palladium near record highs hit in the previous session.

'We have seen some short-term buying interest come back into the market in line with the weaker dollar and lower bond yields'...said Saxo Bank analyst Ole Hansen.

'The main focus this week will be the FOMC (Federal Open Market Committee) meeting on Wednesday and what kind of signals that will be sent from there.'....

The dollar slumped to an almost eight-week low against other major currencies on Monday. Market participants are awaiting the Fed's two-day policy meeting starting on Tuesday, with the focus on the tapering of bond purchases. Spot gold could retest resistance at $1,792 an ounce, having stabilized around a support at $1,772, said Reuters technical analyst Wang Tao."