Gold Prices Edge Modestly Higher, Extending Last Friday's Surge

(RTTNews) - Gold prices moved modestly higher during trading on Monday, seeing further upside following the spike seen in the previous session.

After surging $45.70 or 2.8 percent to $1,676.60 an ounce last Friday, gold for December delivery inched up $3.90 or 0.2 percent to $1,680.50 an ounce.

With the slight uptick on the day, the price of the precious metal reached its best closing level in almost a month.

Gold continued to benefit from weakness in the value of U.S. dollar, with the U.S. dollar index falling by 0.7 percent following the sharp pullback seen last Friday.

Trading activity was somewhat subdued, however, as traders looked ahead to the U.S. midterm elections on Tuesday and the release of consumer price inflation data on Thursday.

The midterm elections will determine whether Democrats maintain control of Congress, while the inflation data could impact the outlook for interest rates.