Gold futures settled higher on Monday, posting a 3 week high rate kindled by the hedge appeal of the bullion after the US inflation rose to a four decade high. Moreover, caution ahead to US Federal Reserve’s meeting also lifted safe haven appeal of the precious metal. This is yellow metal’s second straight session gain. Even though, a slight firmness in dollar capped some bullion buying.
Gold futures for February rose by 0.2% or $8.80 to settle at $1,788.30 an ounce on the Comex division of the New York Mercantile. Spot gold was higher by 0.2% at $1,786.19 per ounce.