Spot gold rose 1.3% to US$5,026.04 per ounce by 3.33am after a 4% climb on Friday.

US gold futures for April delivery gained 1.4% to US$5,046.10 per ounce.

“Overall, gold is making an advance today, albeit a circumspect one with key jobs data on deck this week, helped by the dip in the dollar.

“Bargain-hunting is pushing gold back above the US$5,000 level,” said KCM chief analyst Tim Waterer.

The US dollar was at its lowest level since Feb 4, making greenback-priced metals cheaper for overseas buyers.

San Francisco Federal Reserve (Fed) president Mary Daly said on Friday she thinks one or two more interest rate cuts may be needed to counteract weakness in the labour market.

Investors expect at least two 25-basis-point rate cuts in 2026, with the first one expected in June. Non-yielding bullion tends to do well in low-interest-rate environments.

“Any softness in the jobs data could help gold’s rebound efforts. We are not expecting a rate cut from the Fed until mid-year, unless the jobs data really starts to drop off a cliff,” Waterer said.

Investors awaited the January US nonfarm payrolls data on Wednesday for more cues on the Fed’s monetary policy path.

The report was delayed from last week due to a four-day partial government shutdown that has ended since.

“Recognition of Iran’s right to enrich uranium is key for nuclear talks with the US to succeed,” foreign minister Abbas Araqchi said on Sunday.

American and Iranian diplomats held indirect talks in Oman on Friday, aimed at reviving diplomacy amid a US naval buildup near Iran.

Spot silver climbed 4.3% to US$81.11/ounce after a near 10% gain in the previous session.

It hit an all-time high of US$121.64 on Jan 29.

Spot platinum edged 0.2% lower to US$2,091.54 per ounce, while palladium gained 1% to US$1,723.37.