Gold edges higher, attempts to recover from sharpest weekly skid in over a year

Gold futures on Monday were headed modestly higher, with the precious metal attempting to claw back from its steepest weekly decline since March 2020.

Bullion’s gains come as a surge in the U.S. dollar was receding somewhat from its highest level since around 10 weeks and its sharpest weekly rise in over a year, which have weighed on dollar-pegged assets, like gold and silver, mightily.

August gold GCQ21, 0.52% GC00, 0.51% was up $6.70, or 0.4%, at $1,775.70 an ounce, after the metal saw a weekly loss of 5.9%, marking its largest since the week ended March 13, 2020, according to FactSet data,