Investing.com - Gold prices rose more than 1% on Monday, rebounding from nine-and-a-half month lows as the dollar reversed some of its post U.S. election gains after surging to almost 14-year highs last week.
Gold for December delivery was trading at $1,192.5 a troy ounce by 0934 GMT, after earlier rising as high as $1,197.00.
The precious metal touched a low of $1,171.21 per ounce on Friday, a level not seen since February 8.
The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.4% at 101.07, adding to Friday's losses.
The dollar slipped lower on Friday as traders took advantage of the holiday-shortened week to take profits after a powerful rally propelled it to the highest level since April 2003.
Dollar selling resumed on Monday as investors looked ahead to potentially risky events such as Wednesday's OPEC meeting and Italy's upcoming constitutional referendum on December 4, which could see the government resign.
Investors were also looking ahead to a raft of U.S. economic data this week, including Friday's nonfarm payrolls report for November.
Gold is priced in dollars and becomes more attractive to holders of other currencies when the dollar falls.
Prices of the yellow metal have fallen around 6% so far this month on expectations that increased U.S. fiscal spending under a Trump administration will spur economic growth and inflation, which would ultimately lead to an era of higher interest rates.
Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced.
Elsewhere in metals trading, silver futures were at $16.78 a troy ounce, while copper futures traded at $2.70 a pound.
Copper prices have climbed almost 23% this month on hopes that infrastructure plans in top consumers China and the U.S. will bolster demand for the industrial metal.