Gold prices steady on weaker dollar recouping initial declines

Gold prices rose on Monday as the dollar eased, rebounding from initial declines following a steep drop in the previous week.

Gold fell 4.5% last week in its biggest decline since March as investors reassessed positions after bullion ( gold, silver, or other precious metals in the form of bars) retreated from a record peak of $2,072.50 scaled on Aug. 7. U.S. gold futures gained 0.5% at $1,958.90 per ounce.

Spot gold  rose 0.3% to $1,949.09 per ounce by 0636 GMT.