Gold nears $4,650 as weaker dollar lifts bullion

Spot gold hit its strongest point in over three months on Monday, according to Mettis Global, as a softer US dollar drew buyers. At 11:34 am PST, the metal was up 1.02% at $4,649.95 an ounce. Investors were also looking ahead to upcoming US inflation figures and remarks from Federal Reserve Chair Kevin Warsh later this week.

Uncertainty over a US Treasury plan to repurchase longer-dated government debt kept the greenback close to multi-month lows, CNBC reported. A weaker dollar generally helps gold by making it less expensive for buyers using other currencies. Investors also tracked a United States threat of sanctions aimed at Iran's trade partners, which Washington described as the most forceful financial campaign it has ever mounted.

Other precious metals traded lower, with spot silver down 0.3% at $68.76 an ounce. Platinum eased 0.5% to $1,868.03, while palladium dropped 0.3% to $1,345.87.