Gold bounces back from nine-month low

Gold regained its luster on Monday trade as it bounced back from the nine-month low outing during the previous session over a softer dollar.

Gold futures edged up 0.38% at $1,704.89, after posting a nine-month low on Friday.

The dollar was upbeat but lost against the currencies of major commodity exporters over increased investor bets on countries benefiting from rising prices of commodities.

Pushing gold prices atop was the U.S. Senate’s enactment of a $1.9 trillion stimulus package, making gold a hedge against inflation. The passed stimulus package includes $400 billion worth of payout, with American households receiving $1,400.

Another boost to the yellow metal’s price was U.S. ten-year yields, declining from the one-year peak on Friday.

In other precious metals, silver gained 2.3%, platinum was up1.1%, and palladium improved 0.1%.