LONDON: Gold rose on Monday as a softer dollar helped it rebound from its biggest weekly loss this year, while traders awaited Fed Chairman Jerome Powell`s debut congressional testimony this week for clues on the next direction of trade.

Spot gold was up 0.7 per cent at $1,337.47 an ounce at 1245 GMT, while US gold futures for April delivery were up $9.00 anounce at $1,339.30.

`I think $1,361 may be on the cards,` he said. `If we can break that level then we should be heading higher, otherwise $1,315-1,361 should be the trading range for the time being. $1,361 is the level we held last time gold tried to stage a rally.

Silver was up 0.7pc at $16.66 an ounce, while platinum was 0.3pc higher at $998.50 an ounce.-Reuters