Gold bullion gains as dollar, yields ease

GOLD PRICES gained over 1% to hit a five-week high on Monday as the dollar and US bond yields weakened amid uncertainty ahead of a US deadline of Aug. 1 for countries to strike trade deals with Washington or face more tariffs.

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Spot gold was up 1.3% at $3,394.23 per ounce at 2:34 p.m. ET (1834 GMT), hitting its highest since June 17. US gold futures settled 1.4% higher at $3,406.40.

The US dollar index was down 0.6%, making dollar-denominated gold more affordable for buyers using other currencies, while benchmark 10-year US Treasury yields hit a more than one-week low.