Gold rose on Monday, ending a week of sharp losses, as worries over Portugal's debt boosted safe-haven demand for the precious metal while a softer dollar helped its role as an inflation hedge. Higher demand for gold from top consumer India - following last week's price drop - also helped the rebound.
Gold posted its largest weekly loss in more than seven months last week as the dollar rallied on better-than-expected US data, which raised expectations for tighter monetary policy soon in the United States. Spot gold hovered at around $1,375 an ounce in New York late on Monday, versus Friday's comparative quote of $1,368.80. US gold futures for February delivery settled up $5.20, or 0.4 percent, at $1,374.10 an ounce.
Holdings of the largest silver ETF, the iShares Silver Trust, fell more than 53 tonnes. Spot silver was at $29 an ounce versus $28.69 on Friday. Platinum was above $1,738 an ounce, from $1,731 previously, while palladium hovered around $751 from $748.50 on Friday.
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