Gold Rebounds from Monthly Low as Dollar Weakens

Gold recovered some of its losses and recorded a slight increase today, Monday, supported by a decline in the dollar after reaching its lowest level in more than a month. This comes amidst decreasing demand for safe havens due to easing trade tensions between the United States and China and increased appetite for high-risk assets.

By 02:16 GMT, spot gold rose 0.3 percent to $3281.65 per ounce after earlier hitting its lowest level since May 29 during the session. Meanwhile, U.S. gold futures rose 0.2 percent to $3293.30.

Asian stocks recorded gains today, along with the rise in Wall Street futures. The U.S. dollar index fell by 0.2 percent. A weaker dollar makes gold, which is priced in the American currency, less expensive.

As for other precious metals, silver in spot transactions decreased by 0.1 percent to $36.02 per ounce. Platinum rose by one percent to $1353.13, and palladium increased by 0.2 percent to $1135.48.