Gold rose on Monday as the dollar fell, with bullion on track for its second consecutive quarterly gain as heightened geopolitical tensions boosted its safe-haven appeal. For the quarter, gold is on track to rise about 2.5 percent after a nearly seven percent gain in the first quarter - its first two-quarter rise since 2011, as tensions over Ukraine and Iraq lifted gold's appeal as a hedge. Analysts, however, said improving economic conditions and expected interest-rate hikes by the Federal Reserve are likely to pressure gold prices in the second half of this year.
Spot gold was up 0.2 percent at $1,318.20 an ounce by 1:02 pm (1702 GMT), within reach of a two-month high of $1,325.90 set last Wednesday. For June, gold was up 5.5 percent, its biggest rise in four months. US COMEX gold futures for August delivery were up 60 cents at $1,320.60 an ounce. Silver fell 0.7 percent to $20.87 an ounce, but was up 6 percent for the quarter, its highest in three quarters. Platinum rose 0.4 percent to $1,478.50 an ounce, while palladium was up 0.4 percent at $841.85 an ounce. For the quarter, platinum is poised to rise 5 percent for its biggest quarterly gain since the third quarter of 2012, while palladium is set to climb 9 percent.
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