Gold prices rebounded on Monday, recovering from a six-day losing streak, as the U.S. dollar’s rally paused. Investors are now awaiting comments from Federal Reserve officials for further insights into the interest rate outlook.

Spot gold rose 1.2% to $2,591.43 per ounce by 1027 GMT, bouncing off a two-month low reached on Thursday. Meanwhile, U.S. gold futures gained 1%, trading at $2,595.80.

In India, gold prices decline to ₹74,740 per 10 grams as of 11:40 am, as per the website of the India Bullion and Jewellers Association. The present prices represent a 1000-point decline from last Monday.

Last week, the precious metal logged its worst week in over three years, pressured by the stronger US dollar and expectations of fewer rate cuts by the Federal Reserve.

However, the dollar remained flat on Monday, holding just below the one-year high it hit on Thursday after a 1.6% weekly rise. A weaker dollar makes gold less expensive for buyers using other currencies, supporting demand for the precious metal.

“We can look to the dollar for a significant part of the current gold price corrections … I’m not saying you’ve found a solid physical floor yet, but clearly, some opportunistic buying is coming in to support the market as well,” independent analyst Ross Norman told Reuters.

“As the year ends, we will see volatility in gold prices and there’ll be some books clearing and profit-taking, regardless of what the Fed does in December.”

According to the CME Fedwatch tool, markets are now assigning only a 59% chance of a 25-basis-point rate cut in December, down from 83% just a day earlier.

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