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Gold rises as dollar falls and fears ease
Gold prices rose slightly on Monday, supported by the decline in the US dollar, despite the gains recorded by the financial markets betting that following the US escalation with Syria at the beginning of the week.
The price of the precious metal has been on the rise since January, as the market drew geopolitical fears and expectations of further US interest rate rises, as well as technical resistance at $ 1360-1365 an ounce, its highest level in the past three months.
Spot gold rose 0.1 percent to $ 1,346.31 an ounce late in the US session.
US gold futures for June delivery rose 0.2 percent to settle at $ 1350.70 an ounce.
Gold prices hit $ 1350.52, but found it difficult to maintain those gains amid expectations that the attacks would not be the start of greater Western involvement in the conflict.
The yellow metal also found support in Monday's session of the dollar's slide against the euro.
Among other precious metals, spot silver rose 0.39 percent to $ 16.68 an ounce, while palladium rose 1.54 percent to $ 1002.22 an ounce. Platinum rose 0.15 percent to $ 928.90 an ounce.
Prices rose 9.6 percent last week, the biggest weekly increase in more than a year, on concern that US sanctions could disrupt supply from Russia's biggest metal producer, fueling a strong technical recovery for palladium following a 20 percent fall from its record high January.
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