Gold futures rose on Monday, rebounding from posting losses in three consecutive weeks, as the dollar dropped against the euro and crude oil hit a new record.
Gold for June delivery closed at $874.10 an ounce on the New York Mercantile Exchange, up $16.10, or 1.9 percent. The precious metal hit a high of $874.70 during the trading session.
The euro rose as much as 0.6 percent after losing 1.3 percent against the U.S. currency last week. The euro gained 14 percent against the dollar, setting a record at $1.6019 on April 22.
Gold climbed 27 percent in the past year, touching a record $1,033.90 an ounce on March 17. The metal dropped 2.4 percent in the past five sessions as the dollar rose 0.9 percent, diminishing the appeal of gold as a currency hedge.
The dollar index, which tracks the performance of the greenback against a basket of currencies, was recently down 0.46 percent to 73.16.
Crude-oil futures reached a record $120.36 a barrel in New York, surpassing the previous peak of $119.93 set on April 28.
Gold closed up $7.10 at $858 an ounce on Friday, but still ended the week with a loss of nearly $32 an ounce, a sharp retreat from prices above $1,000 in March.
Heavy losses over the past three weeks have dampened sentiment and participants are hoping for a revival in physical demand at these lower levels, said Jon Nadler, senior analyst at Kitco Bullion Dealers.
Also on the Nymex, silver futures for July delivery rose 36.5 cents, or 2.2 percent, to $16.83 an ounce. The price has jumped 13 percent this year.
June palladium gained $4.45 to end at $424.45 an ounce and July platinum climbed $19.20, or 1 percent, to finish at $1,927.40 an ounce.
July copper futures gained 13 cents, or 3.4 percent to $3.95 a pound.