Weaker dollar pushes gold and silver up, investors watch US data

On Monday, gold and silver continued their sharp rise from the end of last week, when their prices were supported by the weakening of the US dollar and growing expectations of interest rate cuts in the US.

Spot gold traded just above $5,000 an ounce after rising about 1%. On Friday, it strengthened by about 4%. Silver saw even more significant movement, adding more than 4% after Friday's nearly 10% jump.

According to analysts, bargain hunting also plays a role, with investors taking advantage of short-term market fluctuations.

The dollar weakened to its lowest level in recent days, making gold and silver cheaper for foreign buyers.

Investors are now focusing on delayed US employment and inflation data, which could indicate the Federal Reserve's next move. Markets currently expect the Fed to cut rates at least twice in 2026, which traditionally favors non-interest-bearing assets such as gold.

(reuters, pir)