Gold futures on the COMEX division of the New York Mercantile Exchange rebounded on Monday as the U.S. dollar retreated.
The most active gold contract for December delivery went up 10.4 cents, or 0.88 percent, to close at 1,194.60 dollars per ounce. Last week, the precious metal posted a 2.85 percent loss, the biggest weekly fall in more than one year.
The U.S. dollar index, a gauge of the greenback against a basket of other key currencies, declined 0.22 percent to 95.77 as of 1953 GMT.
Gold and the dollar usually move in opposite directions. When dollar retreats, gold futures will rise as gold, priced in the dollar, becomes less expensive for investors using other currencies.
Moreover, some investors believe that gold has achieved a tentative bottom. It's time to rebound.
Meanwhile, the Turkish lira fell on Monday against the dollar, despite the weakening of the U.S. dollar index, indicating that the crisis in Turkey is not over. The rise of gold showed it has regained its safe haven status, said some analysts.
As for other precious metals, silver for September delivery went up 3.9 cents, or 0.27 percent, to close at 14.67 dollars per ounce. Platinum for October rose 16.60 dollars, or 2.14 percent, to settle at 793.90 dollars per ounce.
The most active gold contract for December delivery went up 10.4 cents, or 0.88 percent, to close at 1,194.60 dollars per ounce. Last week, the precious metal posted a 2.85 percent loss, the biggest weekly fall in more than one year.
The U.S. dollar index, a gauge of the greenback against a basket of other key currencies, declined 0.22 percent to 95.77 as of 1953 GMT.
Gold and the dollar usually move in opposite directions. When dollar retreats, gold futures will rise as gold, priced in the dollar, becomes less expensive for investors using other currencies.
Moreover, some investors believe that gold has achieved a tentative bottom. It's time to rebound.
Meanwhile, the Turkish lira fell on Monday against the dollar, despite the weakening of the U.S. dollar index, indicating that the crisis in Turkey is not over. The rise of gold showed it has regained its safe haven status, said some analysts.
As for other precious metals, silver for September delivery went up 3.9 cents, or 0.27 percent, to close at 14.67 dollars per ounce. Platinum for October rose 16.60 dollars, or 2.14 percent, to settle at 793.90 dollars per ounce.
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