Gold prices recovered on Monday after hitting its lowest level in four months before the Easter holiday last week.

Spot gold traded at $1,279.48 per ounce, gaining 0.4 percent. It hit 1,270.63 an ounce, its lowest since late December, in the previous trading session.

The yellow metal fell 1.2 percent last week. US gold futures were also up 0.5 percent, trading at $1,281.70 per ounce.

The metal gains were triggered by the rise in oil prices due to the growing tensions between Washington and Tehran, Reuters reported, citing experts on precious metals market. The US is expected to announce a global blanket ban on Iranian oil imports.

Meanwhile, the US dollar has posted gains against the British pound after data suggested that the US economic growth picked up in the first quarter of 2019, Reuters said.

Prices of silver and platinum also rose on Monday. Silver was at $15.07 per ounce, up 1 percent. Platinum was at $905.40 per ounce, up 0.5 percent, after hitting its highest level in a week in the previous session.

Source Reuters