08.06.202018:41:00UTC+00Gold Futures Rebound From Recent Losses, Settle Notably Higher

Gold prices edged higher on Monday, rebounding from one-month lows touched late last week, with investors betting on hopes of more stimulus from global central banks to help put the economies back on track.

The U.S. Federal Reserve is scheduled to announce its monetary policy decision Wednesday (June 10). Although the recent data on employment turned out to be a huge positive surprise, the central bank is widely expected to come out with more stimulus measures. The bank may well issue a warning of sorts with regard to near term economic outlook due to the impact of the coronavirus pandemic.

The yellow metal's uptick was supported by a weak dollar. The dollar index drifted down more than 0.3% to 96.64.

Gold futures for August ended up $22.10 or about 1.3% at $1,705.10 an ounce.

Silver futures for July ended higher by $0.414 at $17.893 an ounce, while Copper futures for July settled at $2.5655 per pound, gaining $0.0100 for the session.

The OECD is scheduled to release its economic outlook on Wednesday, while euro area finance ministers will meet Thursday to discuss the EU's recovery package.

The ECB President Christine Lagarde has urged the European Union to quickly pass the coronavirus stimulus package proposed by the European Commission to restore confidence and avoid a deeper recession.