Gold rose 2% on Monday, with silver up 5.5% on the trading session. Peter Hug, global trading director of Kitco News, said that fundamentals line up with this rally.
Equities also saw a bounce. Hug said that talks of a new round of fiscal stimulus is adding fuel to the risk-on sentiment while driving money to precious metals at the same time.
The U.S. dollar weakened on the trading session.
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