The U.S. dollar lost ground and pushed gold futures back to values above $1,500 per troy ounce, Bloomberg reports.
The dollar has decreased 0.5 percent in value when compared with six major currencies. Precious metals routinely augment in price when the dollar's value sinks, just as the rising dollar pushes down precious metal prices.
"Gold and silver may regain strength as traders perceive last week's commodities washout to be excessive and it isn't viewed as a trend reversal," according to Park Jong Beom, a Seoul-based trader with Tongyang Futures. "There's no change in the outlook for a weaker dollar as well."
At 10:07 a.m. on Monday, gold futures climbed 0.75 percent, an $11.20 gain to $1,502.80 per troy ounce.
Concerns about rapidly increasing inflation, the debt crisis once again manifesting in the euro zone, and Middle East and North Africa anti-government protests have proved to be beneficial to gold futures thus far this year.
"It might be a buying opportunity," said Peter Fertig, the owner of Quantitative Commodity Research in Germany. "The dollar has weakened and this is positive for precious metals."
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