Gold futures bounced modestly Monday, with the yellow metal attempting to find its footing after a fifth straight weekly decline as a fierce dollar rally relented.

Price action

Market drivers

Gold has suffered as the U.S. dollar has gone on a rampage in 2022, with the ICE U.S. Dollar Index DXY, a measure of the currency against a basket of six major rivals, hitting a 20-year high last week as the euro dipped below parity and the Japanese yen slumped to its weakest since 1998. A strong dollar can be a headwind…