By 14:35 Moscow time, December futures contracts for gold (Comex) rose by 0.76% to $2542.90 per ounce.

Meanwhile, spot gold prices increased by 0.67% to $3471.40 per ounce, after a 2.3% rise last week.

The rise in gold prices coincided with a 0.09% decline in the US Dollar Index, which measures the value of the US dollar against a basket of major currencies, to 97.6790 points.

Silver December futures jumped 1.81% to $41.46 per ounce, marking the highest level since September 2011, while spot silver rose to $40.64 per ounce.