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Gold prices touched a more than one-week high on Monday, as an easing dollar continued to support greenback-priced bullion, although higher US Treasury yields capped gains.

Spot gold rose 0.2% to $1,848.96 per ounce, by 0201 GMT. Prices hit their highest since May 12 at $1,853.55 earlier in the session.

US gold futures gained 0.4% to $1,847.90.

“The jury is still out as to whether gold has weathered the storm in the medium term, or is (it) merely rallying in response to a sustained pullback by the US dollar,” OANDA senior analyst Jeffrey Halley said.

The dollar index began the week on the back foot, following its first weekly loss in nearly two months, as investors cut bets on more dollar gains from rising US rates and hoped that easing lockdowns in China can aid global growth.

Gold hits new record

A weaker dollar makes bullion more attractive for overseas buyers.

“Before turning structurally bullish, I would need to see gold hold onto its recent gains in the face of dollar strength, and not dollar weakness,” Halley said.

Benchmark US 10-year Treasury yields, however, firmed after a three-session losing streak, limiting demand for zero-yield gold.

St. Louis Federal Reserve Bank President James Bullard reiterated his view last week that the US central bank ought to raise interest rates to 3.5% this year to get high inflation more quickly under control.

Bullion, seen as a safe store of value during times of economic crises, tends to become less attractive to investors when US interest rates are raised because it yields no interest.

Reflecting sentiment, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.69% to 1,063.43 tonnes on Friday from 1,056.18 tonnes on Thursday.

Spot silver gained 0.4% to $21.84 per ounce, platinum firmed 0.3% to $958.10, and palladium climbed 0.7% to $1,978.45.

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