Gold futures closed higher on Monday, breaking a four-session losing streak as the dollar fell and bond yields fell after stock prices rallied higher in hopes of a recovery.
Traders were also looking forward to a lot of economic data this week.
The dollar index fell to 90.87, down almost 0.5%.
Gold futures for June rose $ 24.10, or about 1.4 percent, to $ 1,791.80 an ounce. Silver July futures closed up $ 1.087 or 4.2 percent at $ 26.960 an ounce, while July copper futures closed at $ 4.5285 a pound, up 0.0605 cents or 1.35 percent from the previous closing.
US manufacturing growth unexpectedly slowed in April, according to a report released by the Institute for Supply Management on Monday. ISM said its manufacturing PMI fell to 60.7 in April after jumping to a more than 37-year high of 64.7 in March.
A Commerce Department report showed that US construction spending rose much less-than-expected in March, up 0.2 percent to $ 1.513 trillion a year, after falling 0.6 percent to a revised $ 1.510 trillion level. dollars in February.
Economists had expected construction spending to rise 2 percent from the 0.8 percent drop originally reported in the previous month.
In economic news from Europe, manufacturing activity in the eurozone posted record gains in April, albeit at a slower rate than previously estimated by IHS Markit’s final data.
Manufacturing purchasing managers’ index improved to 62.9 in April from 62.5 in March. The flash reading was 63.3. This was the highest level since June 1997 and the sector has been expanding for the 10th consecutive month.