WASHINGTON (dpa-AFX) - Gold prices climbed higher on Monday on safe-haven appeal amid geopolitical tensions, and on optimism about interest rate cuts by some major central banks, including the ECB.
The dollar's weakness contributed as well to the yellow metal's gains.
The dollar index dropped to 104.57, losing about 0.16%.
Gold futures for May were up $21.20 or about 0.9% at $2,355.70 an ounce a little while ago, gaining after four successive days of losses.
Silver futures for May climbed to $32.065 an ounce, gaining $1.566 or about 5%.
Copper futures surged to 4.8270, gaining $0.0735 or about 1.55%.
Geopolitical tensions were in focus after at least 35 Palestinians were killed and dozens more were injured as a result of Israeli air attacks on a camp in Rafah for displaced people on Sunday.
Investors await speeches from the Fed's Bowman, Mester and Kashkari due on Tuesday and the first reading of U.S. GDP for the first quarter due on Thursday.
Traders also await U.S., European, Japanese and Australian inflation readings this week for clarity on the global interest rate outlook.
Euro zone May consumer prices data for May could provide additional clues on whether the European Central Bank will cut interest rates next week.
Philip Lane, the chief economist of the European Central Bank told the Financial Times that the ECB is ready to start cutting rates, but policy will continue to be restrictive this year.
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