Gold rose from the 4-month low
Gold prices have risen from the four-month low seen in recent sessions, partly because oil gains have raised the specter of inflation risk against which gold may act as a hedge and stock futures have shown a lower start for risky assets.
A firmer dollar was limiting the metal’s upside, however.
Gold for June delivery GCM9, +0.32% rose $5.30, or 0.4%, at $1,281.30 an ounce early Monday. It settled Thursday at $1,276, the lowest end for a most-active contract since Dec. 26, according to FactSet data.
Gold lost 1.5% for the holiday-shortened week, and financial markets closed for Good Friday. This marked gold’s fourth weekly consecutive loss, with a jump in the US retail figures, which provided support for the dollar and reduced the appeal of the precious metal.
The SPDR Gold Shares ETF GLD, +0.32% edged higher Monday after it dropped over 1% lower for last week.
Oil prices surged on Monday amid reports the U.S. will announce the end of waivers for countries to import Iranian oil, as part of a bid by the Trump administration to push Iran’s exports to zero. West Texas Intermediate crude for May delivery CLK9, +2.27% CLK9, +2.27% surged $1.50, or 2.3%, to $65.50 a barrel.