Gold prices climbed on Monday in the international market following a depreciation in the dollar rate.
Spot gold was up 0.7 per cent at $3,223.55 an ounce, as of 0215 GMT. US gold futures gained 1.3 per cent to $3,228.70.
Spot silver firmed 0.5 per cent to $32.42 an ounce, platinum rose 0.3 per cent to $990.71, and palladium gained 0.5 per cent to $965.23.
Gold shed more than 2 per cent on Friday and posted its worst week since last November, as increased risk appetite from the US-China trade agreement weighed.
The dollar slipped 0.3 per cent on Monday, making greenback-priced gold cheaper for overseas currency holders.
“The Moody’s downgrade of the US credit rating, and the corresponding risk-off reaction by the market, has put some pep back into the gold price,” said KCM Trade Chief Market Analyst Tim Waterer.
Moody’s cut America’s top sovereign credit rating by one notch on Friday, the last of the major ratings agencies to downgrade the country, citing concerns about the nation’s growing debt pile.
