Gold futures rose the most in a week after the dollar’s drop and crude oil’s rally boosted the appeal of the metal as a store of value.
The greenback is extending losses after an April decline snapped a nine-month rally against a basket of 10 currencies, while oil has jumped more than 40 percent from its 2015 low. Gold has historically been held as an alternative to the dollar and as a hedge against rising consumer costs.
Gold futures for June delivery rose 0.8 percent to settle at $1,192.40 an ounce at 1:50 p.m. on the Comex in New York, the biggest gain since May 4.
Silver futures for July delivery advanced 1.3 percent to $16.526 an ounce. Earlier, the price touched $16.12, the lowest for a most-active contract since May 1.
Platinum futures for July delivery added 0.5 percent to $1,133 an ounce on the New York Mercantile Exchange. Palladium futures for June delivery climbed 0.6 percent to $785.15 an ounce.