Gold Drops to 10-Week Low as Dollar Gains on Haven Demand
- Delta strain is prompting restrictions on travelers from U.K.
- Investors focused on when Fed may start to taper stimulus
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Gold slipped to the lowest since mid-April as the dollar firmed on mounting concerns about the delta coronavirus strain in Europe.
The highly contagious virus strain that originated in India is becoming dominant in France and Germany. It has also become the main variant in South Africa’s commercially important Gauteng province, and close to half of Australia’s population is now in lockdown as it struggles to contain the delta variant. A gauge of the dollar strengthened on haven demand, pressuring bullion.