Gold at one-week high as soft dollar, Middle East turmoil lift demand

Gold prices reached a nearly one-week high on Monday as tensions in the Middle East and a slight decline in the U.S. dollar boosted its safe-haven appeal. Spot gold rose 0.3% to $2,019.99 per ounce, the highest since Feb. 13. U.S. gold futures climbed 0.4% to $2,031.50 per ounce. The weakening dollar index made gold more affordable to overseas buyers. Market sentiment was also buoyed as China resumed trade after the Lunar New Year holidays. The focus now shifts to the upcoming minutes from the U.S. Fed’s January policy meeting for more insights into potential interest rate cuts.