gold prices kicked off the first full trading week of 2023 at their highest level intraday since early may as a rally driven by a softer dollar and hopes for a lessaggressive federal reserve continued precious metals bulls were getting a boost on monday from the softer dollar which helped to push gold to 7month highs the weaker buck also helped lift prices of other commodities like crude oil and copper solidly higher crude oil prices and a drop in the us dollar index are working in favor of the precious metals market bulls to start the trading week said jim wyckoff a senior analyst at kitcocom the ice us dollar index  a gauge of the dollars strength against a basket of its main rivals was off 06 at 10325 crudeoil prices advanced on the weaker dollar and expectations that chinas easing of covid19 restrictions will help to bolster demand west texas intermediate crude for february delivery rose 233 or 31 to 7606 a barrel on the new york mercantile exchange