Gold for June delivery closed at $874.10 an ounce on the New York Mercantile Exchange, up $16.10, or 1.9%.

MarketWatch reports: Gold futures closed more than $16 an ounce higher Monday to mark two winning sessions in a row, as crude-oil prices climbed to a fresh record.

For gold, Monday's recovery is "ultimately attributable to some bargain hunting offtake ahead of India's May 7 auspicious date, but more so to the ... rise in crude oil on the heels of Nigerian- and Iranian-driven apprehensions," said Jon Nadler, a senior analyst at Kitco.com, in emailed comments.

"Heavy losses over the past three weeks have dampened sentiment and participants are hoping for a revival in physical demand at these lower levels," said Nadler.

Bloomberg reports: Gold rose, rebounding from a third straight weekly loss, as the dollar weakened against the euro.

“The dollar weakness is making gold more attractive,” said Frank Lesh, a trader at FuturePath Trading LLC.

Thomson Financial reports: Gold rose on increased demand from India, as higher oil prices stoked inflation jitters and as the dollar pulled back after rallying last week.

“What we have this morning is a bounce, a technical bounce, led we suspect by some buying of gold by Indians who see gold now as cheap and who have a propensity to buy gold for the Akshaya Tritiya holiday there,” said Gartman.

“We are more and more convinced that very real and very long term damage has been done to the gold market, and that buying is still to be avoided,” said Dennis Gartman, editor of The Gartman Letter.

July silver futures gained 36 cents to close at $16.83 an ounce; June palladium gained $4.45 to end at $424.45 an ounce; July platinum climbed $19.20, or 1%, to finish at $1,927.40 an ounce; July copper futures rose 13 cents, or 3.4%, at $3.95 a pound; June crude closed at $119.97 a barrel, up $3.65, or 3.1%.