Gold prices settled Monday at their lowest in a week, but held above $2,000 an ounce amid a bout of what some precious-metals analysts have described as “profit-taking.” A stronger U.S. dollar also weighed on the yellow metal.

Gold prices rose last week for the sixth week in a row. But prices declined Monday, down a third straight session, as global markets were caught in a post-Easter lull, with much of Europe still out.

On Monday, gold prices weakened as the U.S. dollar strengthened. The ICE U.S. Dollar Index DXY, 0.46%, a measure of the buck’s strength against a basket of rivals, rose 0.5% to 102.61.

Gold and silver prices have risen sharply since the start of 2023, continuing a rally that began in the fall.

Expectations that the Fed could cut interest rates later this year sent most-active gold futures to their  highest settlement in 13 months on Wednesday.