By Gina Lee

Investing.com – Gold was up on Monday morning in Asia, hitting a more than one-week high. The greenback-priced yellow gold was supported by a weakening, even though rising U.S. Treasury yields limited gains.

Prices rose 0.2% to $1.853.46 at 1:13 AM ET (5:00 AM GMT), and reached their highest level since May 12, when they were $1.853.55 higher.

“The jury is still out as to whether gold has weathered the storm in the medium term, or is it merely rallying in response to a sustained pullback by the U.S. dollar,” OANDA senior analyst Jeffrey Halley told Reuters.

On Monday, the, which usually moves in an opposite way to gold was lower after its first week of losses. After a losing streak of three sessions, Benchmark recovered.

“Before turning structurally bullish, I would need to see gold hold onto its recent gains in the face of dollar strength, and not dollar weakness,” Halley said.

Minutes from the U.S. Federal Reserve’s latest meeting will be released by them as well. James Bullard, President of the St. Louis Fed, has reiterated his views during the week that the U.S. Federal Reserve should raise interest rates to 3.5% by 2022 in order to reduce inflation faster.

In Asia Pacific, the will hand down its policy decision on Wednesday, with the ’s decision following a day later.

The SPDR Gold Trust, (P:), reported that its holdings increased 0.9% to 1,063.43 tonnes on Friday, compared with 1,056.18 tons the previous day.

Other precious metals saw 0.4% gain, 0.3% firming to $958.10 and 0.7% growth.