Gold prices jump to start May trade amid subdued dollar, bond yields

Gold prices jump to start May trade amid subdued dollar, bond yields

Gold futures climbed sharply Monday morning as weakness in the dollar and subdued yields for government bonds helped to revive some buying in bullion after last week’s drop.

Gold for June delivery

GCM21, +1.40%

GC00, +1.40%

 rose $17.60, or 1%, to trade at $1,785.50 an ounce. Meanwhile, July silver

SIN21, +3.31%

was up 72 cents, or 2.8%, at around $26.57 an ounce.

Some market participants attributed the gains for silver and gold on the session to a hunt for bargains after last week’s skid.“The gold and silver bulls have regained the slight near-term technical advantage,” wrote Jim Wyckoff, senior analyst at Kitco.com.“Gold and silver prices are solidly up in early U.S. trading Monday, on some perceived bargain hunting and amid bullish outside market forces that include a weaker U.S. dollar index ..,” wrote the Kitco analyst in a daily research note. The yield on the 10-year Treasury note

TMUBMUSD10Y, 1.602%

was edging lower at around 1.63%. Bond