"The dollar is staying weaker, that's fairly supportive. Gold bulls now have their eyes set on $2,000 and most are thinking it's going to go quite higher."<\/p>\n
The dollar index eased 0.1% against its rivals, while the U.S. 10-year Treasury yield fell to 1.593% on Friday , reducing the opportunity cost of holding non-interest bearing gold.<\/p>\n
Gold firmed on Monday and was on course for its biggest monthly jump since July 2020, as the U.S. dollar headed for a second month of decline while growing inflationary pressures also lifted bullion\u2019s appeal.<\/span><\/p>\n Data on Friday showed U.S. consumer prices surged in April, with a measure of underlying inflation blowing past the Federal Reserve's 2% target and posting its largest annual gain since 1992.<\/p>\n Gold, often used as a hedge against inflation, has benefited from recent data showing a rise in prices in the United States and the UK.<\/p>\n Investors' focus this week will be on U.S. payrolls data due on Friday with median forecasts at 650,000.<\/p>\n "On the technical front, a trade above the $1,915.60 would, however, signal a resumption on the $1,950 target… and there is strong support at the $1,875 and $1,850 levels," Avtar Sandu, senior commodities manager at Phillip Futures, said in a note.<\/p>\n![](\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2020\/06\/931\/523\/gold-bars-iStock.jpg?ve=1&tl=1\")
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