LONDON: Gold prices rose on Monday, erasing all of the previous week's losses, as a steadier dollar and the resilience of a key chart level removed some downward pressure, while the return of Chinese buyers to the market also lent support.
Prices fell for a fourth week to hit a two-month low on Friday, after an upbeat reading of US wage growth and unemployment supported expectations for a US interest rate hike in December, pushing the dollar and Treasury yields higher.
Gold's resilience above its 200-day moving average at $1,253 an ounce provided some reassurance to buyers, however, helping it rebound. Meanwhile, the dollar came off the boil, steadying below a 10-week high, while geopolitical concerns centred on North Korea and Spain supported gold prices.
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