Monday's gold prices were quiet, but they still held most of the gains from the previous week as the dollar declined due to dwindling worries about rising U.S. interest rates.

Spot gold steadied at $1,982.49 per ounce, meanwhile gold futures muted at $1,984.85 per ounce.

Strong increases were seen in industrial metals, with copper prices climbing 0.6% to a one-and-a-half-month high due to expectations of additional stimulus measures in China, a key importer.

A weaker dollar helped commodity prices across the board, as a string of weak labor and inflation readings over the past week saw traders betting that the Federal Reserve was done raising interest rates.

This move helped gold a lot, and the yellow metal is now back within sight of the coveted $2,000 per ounce mark. Over 2% was added to the price of gold in the last week.

As of right now, traders were factoring in the prospect that the Fed would start lowering interest rates as early as March 2024, even if the Fedwatch tool from CME only indicated a 30% likelihood of that happening.