23.05.202218:05:00UTC+00Gold Futures Settle Higher As Dollar Turns Weak

Gold futures settled higher on Monday, extending gains to a third straight session, as the dollar dropped down, coming further off the two-decade highs it touched recently.

A surge in coronavirus cases in Beijing and fears of economic slowdown pushed up the demand for the safe haven metal.

The dollar weakened against major currencies after U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods. "I am considering it. We did not impose any of those tariffs. They were imposed by the last administration and they're under consideration," Biden said.

The dollar index dropped to 102.07, losing nearly 1.1%.

Gold futures for June ended higher by $5.70 or about 0.3% at $1,847.80 an ounce, the highest close in about two weeks. Gold futures climbed to a high of $1,864.30 earlier in the session.

Silver futures for July ended higher by $0.049 at $21.723 an ounce, while Copper futures for July settled at $4.3455 per pound, gaining $0.0695.