Gold prices climbed to a fresh 15-month high on Monday in holiday-thinned trade as an early retreat in the dollar drove prices higher, though it later eased back below $1,300 an ounce.
Spot gold peaked at $1,303.60 an ounce, its highest since January 2015, before easing to $1,295.40 by 1330 GMT, up 0.1%. US gold futures for June delivery were up $7.10 an ounce at $1,297.60.
The precious metal is now up 22% this year, crushing stocks, bonds and most other major asset classes.
Safe-haven demand amid nervous world stock markets and chart-based buying interest are features helping drive gold prices up.
A weakening US dollar is also doing its part, as the U.S. dollar index hit an eight-month low overnight.
Some argue the rally could come under renewed pressure as safe-haven demand for the metal is waning and equity markets are in better shape.
Others say the key factor that will determine the direction of gold prices is any indication from the US Federal Reserve on when it might shift monetary policy and tighten rates.