Gold closed higher Monday for third straight session

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Gold futures edged higher Monday, booking a third session in a row of gains for the precious metal, as a soaring dollar pulled back from recent highs. Gold for June delivery GCM22, +0.54% GC00, +0.54% added $5.70, or 0.3%, to settle at $1,847.80 an ounce on Comex, after Friday snapping four straight weeks in a row of declines. The string of gains lifted the most-active gold contract to its highest settlement value since May 11, according to Dow Jones Market Data. The rally also comes as a surging dollar DXY, -0.99% retreated 0.9% on Monday, as measured against a basket of six major rivals. A stronger dollar can be a negative for commodities priced in the unit, making them more expensive to users of other currencies.

This article was originally published by Marketwatch.com. Read the original article here.

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