Spot gold prices climbed ​to hold above $5,000 per ounce on Monday, supported by a weaker dollar, as a slate of U.S. ⁠economic reports scheduled for this week brought investors' focus back to the trajectory of interest rates.

Spot gold ⁠rose 1.1% ‌to $5,012.53 per ounce by 0948 GMT after a 4% climb on Friday. U.S. gold futures for April delivery gained 1.1% to $5,033.70 per ounce.

"Gold reclaims its historical role ⁠as a neutral sovereign asset, which in my view explains the strong surge in demand for it, especially amid a clear decline in appetite for holding the US dollar as a safe haven," said Rania Gule, senior market analyst at XS.com. The U.S. dollar fell 0.3%, ⁠making greenback-priced bullion cheaper for overseas buyers.

Investors ​are now looking out for the release of January's nonfarm payrolls report, the Consumer Price Index data and initial jobless ‍claims data this week for further clues on monetary policy, with at least two 25-basis-point rate cuts being priced in ​for 2026.

Lower interest rates tend to support gold as they reduce the opportunity cost of holding the non-yielding asset. San Francisco Federal Reserve Bank President Mary Daly said on Friday she thinks the U.S. labor market is in a "precarious" position, and that further interest-rate cuts may be needed. Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

This "reflects a clear strategy aimed at diversifying reserves away from the US dollar and reducing exposure to geopolitical and financial risks associated with it," Gule added. Spot silver climbed ⁠4.3% to $81.32 per ounce after a near 10% gain in ‌the previous session. It hit an all-time high of $121.64 on January 29.

"Silver is more of a risk asset than gold... when risk appetite is strong, you tend to see silver ‌outperform gold," said Fawad ⁠Razaqzada, market analyst at City Index and FOREX.com.

Spot platinum was down 1.5% at $2,065.10 per ounce, while palladium lost ⁠1.1% to $1,687.50.

(Reporting by Pablo Sinha in Bengaluru; Editing by Leroy Leo)