Gold prices continued to rally on Monday, trading around their highest level since September as they got a boost from an ever-weakening dollar.
February gold GCG8, +0.49% gained $6.20, or 0.5%, to $1,341.10 an ounce, building on a 1% rise from last week, when the metal ended at its highest level since Sept. 11, according to FactSet data.
Meanwhile, silver for March SIH8, +1.48% jumped 23 cents, or 1.4%, to $17.38 an ounce.
The metals rose as the dollar tanked, with the ICE U.S. Dollar Index DXY, -0.53% down 0.6% at 90.48, moving around its lowest level in three years. Dollar-denominated commodities such as gold and silver tend to rise on the back of a weaker dollar, because they get cheaper to buy for other currency holders.