Gold grows amid demand for defensive assets

Gold prices rallied on Monday amid rising demand for the defensive asset amid a weakening dollar and concerns about rising coronavirus cases. The current price of the precious metal is $1802.40 per troy ounce, during the day the price rose to $1811.14. Gold is gaining support from risk-free sentiment as equity markets and the dollar decline.

At the same time, investors are awaiting the outcome of the US Central Bank meeting on Tuesday and Wednesday. The Fed's press conference should provide more clarity on the future monetary policy of the regulator. And any pigeon news from Jerome Powell and his team will be seen as positive for gold prices.

As for other base metals, palladium rose to $2706 an ounce, while silver gained $25.49 an ounce. Platinum fell 0.28% to $1,072.30.