Gold futures climbed solidly higher on Monday as weakness in both global stocks and the U.S. dollar helped to buoy the yellow metal.
February gold rose $5, or 0.4%, to $1,294.50 an ounce, after closing on Friday with 0.3% weekly advance. Futures are attempting to make a fresh assault on the psychologically significant level at $1,300, which could underscore upward bullish price momentum in bullion. The exchange-traded SPDR Gold Shares ETF rose 0.5% on Monday.
Meanwhile, March silver shed 3 cents, or 0.2%, to trade at $15.630 an ounce, following a 0.8% weekly loss last week.
The ICE U.S. Dollar index was off by less than 0.1% at 95.61, after putting in a weekly loss of 0.6% on Friday. Weakness in the buck can help drive appetite in assets priced in dollars, like gold, among buyers using other currencies.