The US dollar fell against most major currencies on Monday, as investors await a very busy week full of events.

Chief among these events is the upcoming US presidential debate between the US President and Republican candidate Donald Trump versus his Democratic rival Joe Biden.

The final reading of the US GDP for Q2 will also be released later this week, amid expectation that the US economy will continue shrinking due to the coronavirus crisis impact.

The market is also anticipating the US monthly jobs report on Friday, which delivers key insight on the state of the US labor market and employment improvement from August.

Several Federal Reserve members had recently expressed that the US economy recovery path from the coronavirus impact is continuing.

The dollar index fell against a basket of currencies by 0.4% to 94.2 points as of 20:02 GMT, after it hit a high of 94.6 and a low of 94.1.

Gold prices rose on Monday, as the US dollar fell against most of its peers, after the yellow metal lost 4.9% last week, its largest weekly loss since mid-March.

This came amid anticipation of the upcoming US presidential debate between the US President and Republican candidate Donald Trump versus his Democratic rival Joe Biden.

The dollar index fell against a basket of currencies by 0.4% to 94.2 points as of 20:13 GMT, after it hit a high of 94.6 and a low of 94.1.

The market is also anticipating the US monthly jobs report on Friday, which delivers key insight on the state of the US labor market and employment.

Gold December futures rose 0.9% or $16, to close at $1,882.30 an ounce, after hitting a day high of $1,888.2 and a low of $1,851.1.

Silver prices rose on Monday, as the US dollar fell against of its peers, which helped the precious metal to regain some of last week's heavy losses that reached 14.9%, the largest since March.

Federal Reserve Member Loretta Mester said that the US economy is recovering but it’s still a fragile recovery and requires more support.

This came as US Congress leaders failed to reach an agreement on the second Covid-19 relief package to help US businesses and families.

The dollar index fell against a basket of currencies by 0.4% to 94.2 points as of 20:46 GMT, after it hit a high of 94.6 and a low of 94.1.

Silver December futures rose 2.2% or 51 cents, to close at $23.604 an ounce, after hitting a day high of $23.860 and a low of $22.610.

The Australian dollar rose against most currencies on Monday, as investors shifted to stocks and risky currencies and eschewed the US dollar.

This came amid anticipation of the upcoming US presidential debate between the US President and Republican candidate Donald Trump and his Democratic rival Joe Biden scheduled this week.

The increased exchange of criticism between the two presidential candidates that will be reflected in the results of the debate is expected to impact the market movements in the coming period. 

Otherwise, the race by big pharma to develop an effective and safe Covid-19 vaccines is progressing.

Companies such as Moderna, Johnson & Johnson and Pfizer are close to finishing their clinical trials of their promising vaccines, which will be available in the next few months.

However, the World Health Organization has warned that the crisis is not under control yet, and expected the number of deaths from the deadly disease to rise to 2 million before an effective vaccine is out.

As of 18:24 GMT, AUD/USD rose 0.6% to 0.7068, after the hit an intraday high of 0.7075 and a low of 0.7025.