Gold rose 1 percent on Monday but remained close to its lowest level in almost six years and was on track for its steepest monthly slide in 2-1/2 years on prospects of a US interest rate rise this year as the dollar hit a multi-month high. Spot gold was up 0.9 percent at $1,066.40 an ounce at 2:57 pm ET (1957 GMT), just above Friday's trough at $1,052.46, the lowest since February 2010.
"We've got the payroll (data) this Friday and you don't want to be short ahead of that," said Eli Tesfaye, senior market strategist for brokerage RJO Futures in Chicago, noting that some support also came from the weak US stock markets. The dollar was at an 8-1/2-month high against a basket of major currencies, making gold more expensive for holders of other currencies, typically a source of pressure.
Bullion has lost nearly 7 percent of its value in November, its biggest monthly fall since June 2013, as investors remained focused on a possibly imminent rate hike in the United States. Assets in SPDR Gold Trust, the world's top gold-backed exchange-traded fund, fell to their lowest since September 2008 on Friday. Platinum has lost 16 percent in November and fell 1.6 percent to a seven-year low at $820.60 per ounce on Monday. Silver was up 0.2 percent at $14.07 but was set for a 9.5 percent monthly loss. Palladium has lost 19 percent for the month. For the session, it was down 1.1 percent at $541.75 an ounce.
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