The price of gold moved to the upside on Monday morning as traders returned from a three-day holiday weekend. With the rally, gold added to last week's gains and challenged the $900 mark again.
Gold for June delivery $897.00, up $13.70 for the session. Prices touched as high as $898.60 in early trading.
Gold's hedge value received a boost as the dollar gained versus other majors amid light trading on the day after Easter. The greenback softened a bit versus the euro and sterling, but held above the century mark against the yen.
Monday's trading is expected to remain subdued, with European markets closed along with a number of Asian markets. US traders may trickle back to their desks following the Easter break, but with no first-tier economic data on tap until Tuesday, big currency moves are unlikely.
Corporate news is likely to remain in focus with traders mulling the latest batch of earnings reports. Meanwhile, the Treasury Department is directing General Motors (GM) to prepare for a bankruptcy filing by a June 1 deadline, the New York Times reported, citing unidentified people with knowledge of the plans.
On Friday, gold fell to $883.30 an ounce, a decline of $2.60 for the day. The metal closed the holiday-shortened week up $14 an ounce.
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