India, April 21 -- Following the modest pullback seen during last Thursday's session, the price of gold showed a substantial move back to the upside during trading on Monday.
Gold for April delivery skyrocketed $97.50 or 3.0 percent to a new record closing high of $3,406.20 an ounce after dipping $17.90 or 0.5 percent to $3,308.70 an ounce in the previous session.
The spike by the price of the precious metal partly reflected a steep drop by the value of the U.S. dollar, with the U.S. dollar index plunging by 1.1 percent to its lowest levels in over three years.
Gold also benefitted from its appeal as a safe haven amid lingering concerns about a global trade war as traders await signs of progress from President Donald Trump's trade talks....