Gold Extends Gains as Dollar Retreats to Restore $1,800 Level

Gold prices rose for the second straight session on Monday, building on the U.S. Dollar’s (USD) decline across the board against major currencies amid selling pressures following its surge to a nine-month high by the end of last week.

Gold’s front-month futures added $22.20, or 1.25%, to finish at $1803.2 per ounce, registering its largest daily gain in more than a week.

December futures registered a similar increase to settle at $1,806.30 per ounce.

This is also the contracts’ highest closing level since August 5.

Last week, the yellow metal managed its second consecutive weekly rise with a small increase of 0.3%.