Gold gains $7.70 per troy ounce

Precious metals prices rose on Monday.

August gold added $7.70 to $662.50 per troy ounce in New York as investors speculated that the dollar will fall and increase demand for metals as safer investments.

The US dollar was weaker during the day against sterling while it remained about even versus the euro, hurt by the expectation that interest rates will remain unchanged for the rest of the year.

September silver was higher as well, adding 6 cents to $12.82 per troy ounce in New York.

Despite the gain in silver, its price remains 0.9 percent lower than it was at the beginning of the year.

Gold, on the other hand, has gained 3.8 percent so far this year.

Meanwhile, October platinum was $6.90 higher to trade at $1,318 per troy ounce.