Gold prices pushed above $4,400 an ounce early Monday, extending a rally that has added more than 11 percent since the metal's late-June low of $3,943.
Spot gold gained 0.5 percent to $4,399.44, while the actively traded December futures contract rose $8.60 to $4,445.90 per fine ounce. The advance came as the U.S. dollar softened and traders scaled back expectations for a September rate hike to just 30 percent, down from 47 percent a month earlier.
Geopolitical risk underpinned demand after several vessels were attacked in the Strait of Hormuz late last week, with no cargo ships registered transiting the waterway on Sunday. President Donald Trump urged Americans to accept temporarily higher gasoline prices amid the standoff. Goldman Sachs has set a December target of $4,900, while ANZ forecasts gold could reach $5,200 by year-end.