Gold on its highest mark since February

The price of gold climbed on Monday and was heading for a fourth profit in a row, supported by a decline in the US dollar to a two-and-a-half month low and some weakness in the stock market. The Nasdaq Composite COMP, -0.09% has come under further pressure, said Dan Russo, portfolio manager at Potomac Fund Management, adding that the index was "on the verge of relative collapse" on Monday. Some investors "could use this collapse as a signal to rotate out of the Nasdaq and into those areas of the market that are leading," including industrial metals and agricultural commodities, he told MarketWatch. "Precious metals like gold are not yet leaders, but they have been improving lately." June Gold GCM21, 0.03% up $ 6.30, or 0.3%, to close at $ 1,837.60 an ounce after the most active contract returned 3.6% weekly. According to FactSet data, prices climbed to their highest level since February 10th. The July Silver Price (SIN21, 0.92%) also rose 2 cents, or 0.05%, to $ 27.49 an ounce. "Short-term technical stances on both metals are bullish as well, which continues to invite short-term futures traders to the long side of these markets," wrote Jim Wyckoff, senior analyst at Kitco.com. "The metals are supported by a falling US dollar index that hit a 2.5-month low overnight," he wrote. The U.S. Dollar traded 0.1% lower at 90.17 on the ICE U.S. Dollar Index DXY, -0.03%. It traded as low as 90.04, roughly the index's lowest level since late February. A weaker dollar can help overseas investors buy commodities traded in that currency. On Friday, gold hit its highest level in nearly three months after the U.S. Department of Labor reported the economy added 266,000 jobs in April, far less than even the most muted forecasts for the month, leaving some questions about its strength and pace recovery from the COVID pandemic.