Gold settles higher after two-session decline

Gold futures settled higher on Monday, as some disappointing U.S. economic data and a sharp drop in the U.S. stock market lifted the metal’s investment appeal ahead of a Federal Reserve decision this week on interest rates.

Increasing concerns over the possibility of a Greek debt default buoyed safe-haven interest in gold, but those concerns have also recently helped to lift the dollar against the euro EURUSD, -0.0532% which can pressure prices for dollar-denominated gold.

Gold futures for August delivery GCQ5, +0.00%   tacked on $6.60, or 0.6%, to settle at $1,185.80 an ounce on Comex. July silver SIN5, -0.33%  gained 25.8 cents, or 1.6%, to $16.083 an ounce.

“Gold is continuing to find some short-covering support around the technically important $1,180 area ahead of the Fed meeting” said Fawad Razaqzada, technical analyst at FOREX.com.

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