Gold closes more than 1% higher on falling dollar

Gold prices rose on Monday, and closed near the $1800 barrier once again, as the US dollar fell against most of its peers.

Although several countries managed to contain the Covid-19 pandemic, India is still an exception to this, as it is now facing a sharp spike in the infection rate and deaths, while the health system is being overwhelmed.

The US Federal Reserve decided last week to keep the interest rate between 0.0% and 0.25% unchanged.

The dollar index fell against a basket of currencies by 0.3% to 90.9 points as of 20:32 GMT, after it hit a high of 91.3 points and a low of 90.8 points.

Gold June futures rose 1.4% or $24.10, and closed at $1,791.8 an ounce.