Prices of the yellow metal rose on Monday, recovering a portion of the losses, after hawkish comments from Fed officials caused prices of the yellow metal to plunge close to 2 percent on Friday and drop below the $2,000 level.
Gold prices gained despite the hawkish comments by Fed Governor Christopher Waller helping the Dollar firm up against major currencies. The Dollar Index (DXY), a measure of the Dollar's relative strength against a basket of six currencies has gained 0.12 percent overnight to 101.67. The day's range was between a low of 101.53 and 101.84.
Gold Futures for June Settlement gained 0.19 percent to trade at $2,019.55. The day's trading range has been between $2,008.25 and $2027.95.
Spot Gold has gained 0.23 percent to trade at $2,008.95 per troy ounce. The day's trading range has been between $1,995.55 and $2,015.05.
Gold has benefited most from the recent banking crisis as well as the anxiety of a recession it is feared to induce. The instability triggered by the banking crisis and the fears of a potential credit crunch has been adding to the precious metal's safe haven appeal.
