WASHINGTON (dpa-AFX) - Gold futures settled higher on Monday, extending gains to a fifth straight session, as worries about the impact of U.S. tariffs, and tensions in the Middle East prompted investors to pick up the safe-haven asset.
The dollar's weakness ahead of the Federal Reserve's monetary policy meeting that gets underway on Tuesday, supported the yellow metal.
The dollar index, which dropped to 103.30, edged up slightly to 103.40, but still remained well below the flat line, losing about 0.3%.
Gold futures for March settled higher by $5.50 or about 0.18% at $3,000.00 an ounce.
Silver futures for March closed down $0.113 or 0.33% at $34.074 an ounce, while Copper futures for March climbed to $4.9480 per pound, gaining $0.0785 or about 1.61%.
The Fed, the Bank of England, the Bank of Japan and the Swiss National Bank, are all scheduled to make their monetary policy announcements this week.
The Fed is widely expected to hold interest rates steady at the conclusion of its latest policy meeting Wednesday, with traders likely to focus on Fed Chair Jerome Powell's post-meeting comments for any changes in tone.
The BoJ is expected to keep its key interest rate steady at its March 19 meeting, with most economists expecting a 25-basis point hike only in July.
The BoE's Monetary Policy Committee (MPC) will also update the nation on rates this week - after it previously decided to hold rates at 4.5%.
On the geopolitical front, the U.S. launched a 'decisive and powerful' wave of air strikes on Houthi rebels in Yemen, citing the group's attacks on shipping in the Red Sea as the reason.
'Funded by Iran, the Houthi thugs have fired missiles at US aircraft, and targeted our Troops and Allies,' U.S. President Donald Trump said on social media, adding that their 'piracy, violence, and terrorism' had cost 'billions' and put lives at risk.
The Houthi-run health ministry said at least 31 people were killed and 101 others were injured in the strikes.
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