Gold Rises to $1,211.60 per Ounce on Falling Dollar

Gold rose Monday following its steepest one-day decline this year, according to Reuters. The metal gained 1.6 percent to hit $1,211.60 an ounce. Meanwhile, US gold futures rose $4.80, to $1,212.50.

Prompting the rise in gold was a fall in the dollar as global foreign exchange markets were turbulent and detracted from its appeal. “The rebound in the euro and the yen today has given some much-needed support to gold by depressing the U.S. dollar on a relative basis,” Mitsubishi analyst Jonathan Butler told Reuters.