Gold prices soared on Monday, after six days of losses, as the U.S. dollar's surge stalled and heightened uncertainty over the Russia-Ukraine conflict rekindled safe-haven demand.

Spot gold jumped 1.8% to $2,608.19 per ounce by 01:44 p.m. ET (1844 GMT), moving away from a two-month low on Thursday. U.S. gold futures settled 1.7% up at $2,614.60.

Gold, which is considered a safe investment during economic and geopolitical turmoil, posted its steepest weekly drop in more than three years last week as President-elect Trump's proposed tariffs are seen as potential drivers of inflation, which could prompt the Fed to slow its rate-cutting pace.

This in turn boosted the dollar index to trade at a one-year high on Thursday. However, the greenback fell 0.4% on Monday after rising 1.6% last week. A softer dollar makes gold more affordable for buyers using other currencies.

The U.S. central bank is widely expected to deliver a third rate cut in December, although recent data showed progress in bringing inflation back to its 2% target has stalled. At least seven Fed officials are scheduled to speak this week.

Higher interest rates, which make non-yielding assets like gold less appealing, could further pressure the metal.

Spot silver rose 2.8% to $31.05 per ounce, platinum added 2.8% at $964.87 and palladium climbed 5.3% to $1,001.29.

Source : Reuters