Gold climbs over 1% on dollar sell-off

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Gold last traded at $1,853 an ounce. Silver at $21.78 an ounce.

NEWS SUMMARY: Precious metals rose Monday as the U.S. dollar hit a four-week low. U.S. stocks higher as markets attempt rebound after eight-week losing streak.

Kitci/Reuters-"Gold prices rose over 1% on Monday, boosted by a slide in U.S. dollar to its lowest in a month, while growth concerns in the economy kept bullion's safe-haven demand intact....

A weaker dollar makes gold cheaper for overseas buyers.

'Gold bugs are drawing strength from a weaker dollar, concerns over accelerating inflation, and global growth fears... In the near term, a weaker dollar could provide the precious metal a tailwind, lifting prices further away from the 200-day simple moving average,' FXTM analyst Lukman Otunuga said....

ANZ Research in a note said the rising risk of underperformance in equity markets has also enhanced gold's risk-diversifier appeal. Stocks hovered just above bear market territory as economic fallout from the war in Ukraine and persistently high inflation capped gains in equity benchmarks."