Gold Prices Rebound Amid Dollar Recovery and Bargain Buying

Gold prices fell on Friday by more than 1% to $4,062.05 per ounce, but are still set for their first monthly gain in five months.

The drop was largely due to the US dollar regaining its footing and rising 0.3%, which makes gold more expensive for holders of other currencies.

Despite this setback, gold prices were up about 1.7% so far this month and are headed for a weekly rise of 0.5%.

Independent analyst Ross Norman said that 'gold struggles to regain meaningful momentum and remains in the corrective phase of a broader structural bull market.'