Gold prices climbed higher on Monday as the dollar shed ground and bond yields dropped after the British government reversed plans to cut the highest rate of income tax.
The dollar index dropped to 111.47 around late morning, and was last seen hovering around 111.90, down nearly 0.2% from the previous close.
Gold futures for December ended higher by $30.00 or about 1.8% at $1,702.00 an ounce.
Silver futures gained $1.55 or about 8.1%, settling at $20.589 an ounce, recording the biggest single session gain since February 2021.
Copper futures for December settled at $3.4100 per pound, down $0.0025 from the previous close.
The U.K. government has decided to abandon its plan to scrap the 45% tax rate, which was announced a few days ago.
Benchmark 10-year U.S. Treasury bond yields dropped to 3.589% around noon before edging higher to around 3.640%.