Spot gold prices climbed on Monday, trading at $3,325.16 per ounce, up $83.84 after rebounding from last week’s two-week low, supported by a weaker U.S. dollar and renewed safe-haven demand. The dollar index fell 0.3%, making gold more attractive to non-dollar investors, while ongoing uncertainty over U.S.-China trade policy and strong central bank gold buying further underpinned prices. Despite gold’s recent correction from April’s record highs, analysts note that bargain hunting and resilient global demand have helped the metal recover, with buyers stepping in ahead of key U.S. economic data and the Federal Reserve’s policy meeting on Wednesday. Gold is up over 26% year-to-date and remains in a consolidation phase, with technical support seen near $3,180 per ounce and resistance at $3,350.
Silver also posted gains, trading near $32.36 per ounce, up more than 1% on the day as it tracked gold’s rebound and benefited from a softer dollar and persistent geopolitical concerns. Strong physical demand, particularly from India and festival-related buying, has helped silver recover from last week’s sharp correction, though the gold/silver ratio remains historically elevated at around 102, reflecting gold’s outperformance. Market participants are closely watching the upcoming Fed meeting, where the central bank is widely expected to hold rates steady but may offer guidance on future policy moves. Any dovish signals from Fed Chair Jerome Powell could further support both metals, while ongoing trade tensions and macroeconomic uncertainty are likely to keep precious metals in focus for investors seeking safe-haven assets.
