Gold futures finished higher on Monday, taking their cue from a weakening U.S. dollar to recoup roughly half of what they lost last week. The updraft came even as global stocks were rebounding from their worst weekly rout in two years and as bond yields resumed a steady ascent.

April gold US:GCJ8 rose $10.70, or 0.8%, to settle at $1,326.40 an ounce, logging the biggest one-day dollar and percentage gain since Jan. 24, according to FactSet data. The gold-backed exchange-traded fund, SPDR Gold Shares, climbed by 0.7%. Prices lost 1.6% last week, the largest weekly loss in two months, as investors were unsettled by renewed volatility in stocks amid fears about rising bond yields and inflation.

March silver US:SIH8 added 43.1 cents, or 2.7%, to $16.57 an ounce, while the silver-focused iShares Silver Trust SLV, -1.18% rose 1.7%.

Last week “traders booked profits in gold long positions to meet margin money calls on equity investments. Gold fell as a result,” said Chintan Karnani, chief market analyst at Insignia Consultants.

“Stability on global stock markets will be positive for gold,” he said. “Investors will hedge in gold to counter stock market volatility whenever there is less need for margin calls on stock market investment.”

Monday’s advance for precious metals came as the Dow Jones Industrial Average DJIA, -0.87% , the S&P 500 index SPX, -1.11% and the Nasdaq Composite Index COMP, -1.07% were on track to post gains for a second straight session, as those equity benchmarks looked to recover from their worst weekly losses in about two years.

Gold found support as the dollar, measured by the ICE U.S. Dollar Index DXY, +0.03% , which gauges the greenback against a half-dozen currencies, edged down by 0.3%, coming off its best weekly rise since December 2016.

Precious metals, which are often pegged to dollars, tend to rise when the buck weakens because a falling dollar can make buying those assets cheaper for those using weaker monetary units.

Meanwhile, the 10-year benchmark Treasury yield TMUBMUSD10Y, 0.701% climbed to 2.86%, but pulled back from a four-year high of 2.891% notched earlier in the day. Bond price and yields move inversely. Yields have climbed on expectation for increased issuance and rising inflation, which can eat away at a bond’s fixed value.

Rising yields, in theory, should detract from appetite for gold because precious metals don’t bear a yield. However, rising inflation could provide a lift for gold over the short term because it is often viewed as a hedge against rising prices.

Last week’s disruptions in equities were met with a fairly subdued response in haven assets. Some analysts theorized that it signaled a less severe pullback in global equity markets.

“One of the main reasons why I am not concerned that the stock market selloff from last week was a sign of mass panic from investors is because of the limited buying interest in gold, in spite of the heightened stock market volatility,” said Jameel Ahmad, global head of currency strategy & market research at FXTM.

“The losses in gold last week can be seen as a positive factor, because it provides more confidence to investors that the selloff in the markets was a correction, and not a sign of panic over the global economy,” he said.

Other metals traded on Comex ended broadly higher. March copper US:HGH8 rose 1.8% to $3.087 a pound, April platinum US:PLJ8 added 1.2% to $972.80 an ounce and March palladium US:PAH8 settled at $976.15 an ounce, up 1.3%.