Gold futures settled higher on Monday for a second straight session. The precious metal’s “worst enemy is surging real yields,” said Edward Moya, senior market analyst at OANDA. “It was supposed to be a quiet start to the week for gold with China coming to the rescue and some calm before Friday’s Jackson Hole speech” by Federal Reserve Chairman Jerome Powell, he said. However, “there is a little bit of nervousness from the long-term bulls as gold futures are getting dangerously close to the $1,900 level, which could trigger a wave of technical selling.” Gold for December delivery
GCZ23,
edged up by $6.50, or 0.3%, to settle at $1,923 an ounce on Comex after posting a nearly 1.6% fall last week.
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