Gold prices rose more than 1% on Monday, the highest increase in more than a week, due to falling dollar and US Treasury yields, while silver jumped due to the strong demand, heading towards its highest daily gain since February last year, according to Reuters. “
And the price of gold in spot transactions rose 1.7% to $ 1,687.99 an ounce, the highest level since September 22.
US gold futures rose 1.5% to $ 1,696.70.
The price of silver jumped 7.6% to $ 20.44 an ounce.
The dollar index, which measures the performance of the US currency against the six major currencies, fell, making the price of dollar-denominated gold less expensive for overseas buyers. 10-year US Treasury yields also fell to their lowest level in a week, which also bolstered the demand for gold.
As for other precious metals, the price of palladium jumped 4.2 percent to $ 2,248.15 and platinum by 4.5 percent to $ 897.49 an ounce.-
