Despite the dollar’s recovery from a 1-month low, gold prices climbed higher on Monday, lifting the most active gold futures contract to their highest finish in nearly six weeks.
Weakness in U.S. Treasury yields contributed to dollar’s uptick.
Gold futures for December ended up by $10.50 or about 0.6% at $1,806.80 an ounce, the highest settlement since September 14.
Silver futures for December settled higher by $0.143 at $24.592 an ounce, while Copper futures for December settled at $4.5280 per pound, gaining $0.0300.
Worries about inflation pushed up the demand for the safe-haven commodity.
Fed Chair Jerome Powell’s comments on Friday that although the central bank will start tapering its bond-buying program this year, but “it is not yet time to begin raising interest rates,” pushed the dollar to near one-month low earlier in the day.
Powell said at a virtual conference on Friday that the present high price pressure may not subside soon and that the central bank was on track to start tapering its stimulus.