Gold rises for first day in 3 on falling dollar

Gold prices rose on Monday, rising for the first time in 3 days, as the US dollar fell against its peers, thanks to growing demand for the precious metal, which might push it to new all-time highs.

Gold prices rose 0.3% to $1,823.21 an ounce, after opening at $1,817.83, and hit a high of $1,813.07.

Gold closed lower by 0.2% on Friday, the second straight daily loss, due to profit-taking from a 2-week high of $1,829.12 an ounce.

Gold prices gained 1.2% last week, the fourth weekly gain in 5 weeks, and the largest weekly gain since last November.

The dollar index fell 0.1% today, reflecting the halt in the greenback's rebound from a 2-month low against a basket of major currencies, which is in favor of gold and other dollar-denominated metal prices.

Investors await fresh data on the pace of new evidence supporting rate hikes in the US this year and changing the general budget of the Federal Reserve.

Gold stocks at the SPDR ETF remained unchanged on Friday, with the total at the lowest since December 28 of 976.21 metric tonnes.