Gold rises as dollar weakens

Gold prices rose on Monday, to head for the second daily gain in 3 days, as the US dollar fell against a basket of currencies, but gold's gains ebbed by weak safe-haven demand.

Gold rose 0.3% to $1,778.88, after opening at $1,773.91, and hit a session low of $1,769.86.

The yellow metal closed flat on Friday, in limited trading due to the closure of US markets in observance of Independence Day holiday, after the precious metal gained 0.25% on Thursday.

Gold prices gained 0.25% during the past week, posting the fourth straight weekly gain on strong safe-haven buying.

Otherwise, the dollar index fell 0.4%, to deepen its losses for the second straight day, and hit a 2-week low of 96.77 points, which comes in favor of gold prices.

Gold's gains are being curbed due to weak safe-haven demand, as investors risk appetite improved, which is reflected on a broad rally in most global stock markets.

Gold stocks at the SPDR ETF remained unchanged on Friday, with the total at the highest level since May 2013 of 1,191.47 metric tonnes.