WASHINGTON (dpa-AFX) - After six successive days of losses, gold prices moved higher on Monday as the dollar turned weak with investors awaiting speeches from a slew of Federal Reserve officials this week.
Rising tensions between Russia and Ukraine contributed as well the rise in prices of the yellow metal.
The dollar index dropped to 106.25, losing about 0.4%.
Gold futures for November closed up $44.90 or about 1.75% at 2,610.60 an ounce.
Silver futures for November settled at $31.163 an ounce, gaining $0.792 or about 2.61%.
Copper futures for November climbed to $4.1120 per pound, gaining $0.0610 or 1.51%.
A 'massive' Russian missile and drone attack has targeted power infrastructure across Ukraine, the country's President Volodymyr Zelensky has said.
Meanwhile, U.S. President Joe Biden's decision to allow Ukraine to strike deep into Russian territory with long-range missiles supplied by the U.S. has sparked a furious response in Russia, with Russian senator Vladimir Dzhabarov calling it 'an unprecedented step towards World War Three'.
The change in stance follows Russia's deployment of North Korean ground troops to supplement its own forces, a development that has caused alarm in Washington and Kyiv.
The Russian president had said he would consider strikes by U.S.-made weapons on Russian soil as the direct involvement of Nato in the conflict.
In U.S. economic news, the National Association of Home Builders released a report showing homebuilder confidence has improved by much more than anticipated in the month of November.
The report said the NAHB/Wells Fargo Housing Market Index climbed to 46 in November after rising to 43 in October. Economists had expected the index to inch up to 44. With the much bigger than expected increase, the housing market index reached its highest level since hitting 51 in April.
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