Gold Rebounds Strongly Following Last Friday's Sharp Pullback

(RTTNews) - Following the sharp pullback seen during last Friday's session, the price of gold showed a significant move back to the upside during trading on Monday.

Gold for April delivery surged $50.10 or 1.5 percent to $3,332.50 an ounce after plunging $49.60 or 1.5 percent to $3.282.40 an ounce in the previous session.

The rebound by the price of gold partly reflected bargain hunting after the steep drop seen last Friday largely offset the jump seen last Thursday.

The precious metal also benefitted from a decrease by the value of the U.S. dollar, as the U.S. dollar index has fallen by 0.4 percent.

Gold also moved higher amid lingering uncertainty about trade, with Treasury Secretary Scott Bessent telling ABC News' "This Week" on Sunday he believes an agreement in principle can reached on "17 or 18 important trade deals" the administration is currently negotiating.

"A trade deal can take months, but an agreement in principle and the good behavior and staying within the parameter of the deal by our trading partners can keep the tariffs there from ratcheting back to the maximum level," Bessent said.

Meanwhile, in a separate interview with CNBC's "Squawk Box" this morning, Bessent said he believes it's up to China to de-escalate, "because they sell five times more to us than we sell to them."