The decline in dollars has made gold affordable for holders of other currencies.
Benchmark US Treasury yields fell on Monday, affecting the opportunity cost of holding non-yielding bullion.
Gold serves as a shield against inflation, it jumped by 1.5% due to worries of rising inflation dragging global equities lower.
Gold was "well supported throughout the pandemic as investors sought a haven for funds. But the tide is turning, as interest rates start to rise and investors rekindle their love of bonds," ANZ analysts said in a note.