Gold futures settle higher after 2-session decline

Gold futures settled higher on Monday after a two-session decline, but analysts stressed caution after last week’s price rally on the back of China’s currency devaluation.

December gold GCZ5, -0.07% rose $5.70, or 0.5%, to settle at $1,118.40 an ounce on Comex. Prices posted declines over the previous two trading sessions, but tallied an overall gain of 1.7% last week. September silver SIU5, -0.35%  settled up 8.5 cents, or 0.6%, on Monday at $15.298 an ounce.

China’s move last week to devalue the yuan “can potentially delay a Fed rate hike in September, and thus is viewed as supportive for gold prices,” said Barclays analysts in a note Monday.

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