Gold Surges as Weaker Dollar Sets Up 'Buy-the-Dip' Opportunity

Gold prices rebounded to $4,068.54 an ounce on Monday as the dollar weakened and oil prices fell.

The recovery was attributed to authorities intervening to support the yen, making gold cheaper for buyers using foreign currencies.

Tim Waterer, chief market analyst at KCM Trade, described the move as 'an upbeat but guarded start', warning that Middle East escalation or a strong nonfarm-payrolls report could cap bullion's gains.

Aakash Doshi, head of gold strategy at State Street Investment Management, predicted gold could reach $4,500 to $4,750 before year-end if changing rate expectations pulled the two-year Treasury yield below 4%.