Gold and silver prices rose further on Monday as a softer US dollar supported demand for precious metals, while investors awaited US economic data later this week to assess the outlook for interest rates, Reuters reported.
Spot gold climbed 0.9% to USD 5,004.61 per ounce, staying above the USD 5,000 mark after a sharp gain of 4% in the previous session.
Analysts attributed the move partly to currency dynamics, as the weaker dollar makes dollar-priced commodities cheaper for international buyers.
The dollar index slipped to its lowest level since early February. Market analysts also pointed to renewed bargain buying after gold briefly dipped below recent highs.
Investors are now focusing on upcoming US employment and inflation reports expected later this week, which could influence expectations regarding the Federal Reserve’s interest-rate policy.
Gold, which does not generate interest income, typically performs better when borrowing costs decline.
Silver prices also posted another sharp gain, as spot silver rose 3.7% to USD 80.89 per ounce, following a near 10% surge in the previous session. However, analysts warned that further gains may depend on breaking key resistance levels.
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