Gold surges 1.5%, reaching new record highs

Gold prices climbed to new record highs on Monday as the dollar held steady against most major currencies.

Last Monday, Wall Street experienced significant selloffs due to fears of a U.S. recession, but later sessions saw a recovery.

Investors are now looking ahead to key economic data due later this week, including reports on consumer and producer prices, industrial production, and retail sales, to better understand the economic outlook.

Meanwhile, the dollar index remained stable at 103.1 as of 21:00 GMT, with a session high of 103.3 and a low of 103.09.

As of 21:01 GMT, spot gold prices rose by 1.5% to $2,511.4 an ounce.