Gold Rebounds from Monthly Low as Dollar Weakens

Gold prices rebounded today, Thursday, after hitting a one-month low in the previous session. This recovery was fueled by the weakening of the dollar, despite the rising oil prices that continue to raise concerns about inflation and the prolonged period of high interest rates.

By 0105 GMT, spot gold increased by 0.6% to $4566.73 per ounce after it fell to its lowest level since March 31 in the prior session. U.S. gold futures for June delivery also climbed by 0.4% to $4578.50.

The decline in the dollar has made gold, which is priced in the currency, more affordable for holders of other currencies. Meanwhile, Brent crude was trading above $119 per barrel.

Regarding other precious metals, silver rose by 1% in spot transactions to $72.18 per ounce. Platinum increased by 1.7% to $1911, and palladium went up by 0.9% to $1470.40.