Gold Prices rebounds above 1360USD as dollar dips

Gold prices followed oil in the path of recovery at the start of this week as a possible Irish bailout pack weakened the dollar.

Spot gold was seen trading at $1360.14 an ounce at 12.30 p.m Singapore time while gold futures for December delivery was at $1,359.30 an ounce on the Comex in New York.

Analysts said the precious yellow metal is likely to move further up during the day as it already comes out of last week?s China impact. Last week, China's steps to rein in inflation dented gold prices.

Meanwhile, silver also climbed to the highest level in more than a week. Silver for immediate delivery rose as much as 1.8 percent to $27.8150 an ounce, the highest level since Nov. 11, and last traded at $27.5788 an ounce.

Platinum for immediate delivery gained 0.6 percent to $1,673.75 an ounce and spot palladium gained 0.8 percent to $708.25 an ounce.

The euro rose for a fourth day as European Union finance ministers said the deal will create a capital fund for Ireland?s banks and may end up restructuring the financial industry.

The greenback also dropped against a basket of six major counterparts including the euro and the yen. Gold typically moves inversely to the dollar.

Bullion lost 1.2 percent last week in its second straight decline as moves by China to fight inflation and slow growth eroded demand for precious metals and raw materials.

On Friday, Gold futures for December delivery lost 70 cents to settle at $1,352.30 on the Comex in New York.