Gold Rebounds to $4,070 Amid Dollar Weakness

Gold prices have recovered to around $4,070 an ounce on Monday after concerns about Federal Reserve tightening pressured bullion earlier.

The dollar weakened following authorities' intervention to support the yen, making gold cheaper for buyers using foreign currencies.

This move has encouraged buy-the-dip arguments, but analysts warn that the metal needs weakness in the dollar and Treasury yields before Monday's advance can be treated as a durable bottom.