Gold gained around 1 percent on Monday, moving in line with riskier assets rather than safe havens, boosted by hopes that European leaders were tackling the region's debt crisis and signs of resiliency over China's economy. Spot gold was up 0.9 percent at $1,655.04 an ounce by 2:31 pm EDT (1831 GMT), following a 2 percent decline last week.
The 30-day implied volatility of gold fell to 26 on Friday near a two-month low, Reuters data showed. Wild price swings have sent bullion about $300 off its early September record, and price volatility hit a peak of 37 on September 26. US gold futures for December delivery settled up $16.20 at $1,652.30.
Futures volume was around half its 30-day norm during Monday's gains, similar to a weaker-than-usual trend during the last several weeks, suggesting bullion's rally may not hold. Silver was 1.1 percent higher at $31.68 an ounce. Among platinum group metals, platinum rose 2.5 percent to $1,543.50 an ounce, while palladium climbed 4.5 percent to $638.97 an ounce.
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