Gold prices rose today, Wednesday, to hover near the highest level in two weeks, as the demand for the yellow metal, which is considered a safe haven, was boosted by growing concerns about the fast-spreading delta strain of Covid-19 and its economic impact.

Spot gold rose 0.4 percent to $1,792.42 an ounce by 0636 GMT, after hitting its highest level since August 6 at $1,795.25 in the previous session.

US gold futures rose 0.3 percent to $1,793.50.

“The biggest issue is the delta strain and whether it will have a measurable impact on the global recovery. In this situation, gold is likely to find more haven buying,” said Jeffrey Haley, senior market analyst for Asia Pacific at OANDA.

“But gold is facing difficulties to surpass the significant technical resistance levels between 1,800 and 1,850 dollars. The fate of gold will be decided by the Federal Reserve’s Open Market Committee and whether it hints at an imminent cut in stimulus in September.”

Risk sentiment remains weak in the broader financial markets, with Asian stocks hovering near their lowest levels since the beginning of the year as the strain sweeps the region’s delta.

Adding to signs of a slowing economy, US retail sales fell more than expected in July.

Investors are now awaiting the minutes of the Federal Reserve’s policy meeting in July, due to be published later today, for indications of the US central bank’s plans to cut stimulus policies.

As for other precious metals, silver rose 0.5 percent to $23.75 an ounce, while platinum rose 1.1 percent to $1,008.60.

And palladium rose 1.7 percent to $ 2532.18, rebounding from its lowest level in nearly two months, which was recorded on Tuesday./agencies