The end of this past Friday's trading session saw the yellowish metal reverse losses and secure weekly gains of 0.02 percent, the first weekly advance since the end of last month. The world's reserve currency lost value while crude oil futures gained, both of which impacted the performance of gold futures late last week.
"(But) looking past the next couple of weeks, I think the rally is not over," analyst Walter de Wet with Standard Bank told Reuters. "In real terms interest rates remain negative, and we expect them to remain negative for at least another two years. And even if the Fed doesn't expand its balance sheet, which has put downward pressure on gold in recent weeks, we still think that liquidity will continue to grow."
At 8:26 a.m. on Monday, gold futures increased 1.09 percent, an $18.20 advance to $1,680.60 per troy ounce.
Monday's upward drive for the yellowish metal was prompted by gains in Asian electronic trading, according to MarketWatch. The gains early during the session helped continue successes from late last week.