Gold scores gain to start week ahead of Fed rate decision

Gold futures settled higher Monday to recoup some of what they lost in the previous session, as investors set their sights on the crucial Federal Reserve decision on interest rates due out later this week.

As far as the Federal Reserve is concerned, if the central bank sends out a dovish signal on Thursday, this may help to boost stocks and undermine the dollar. Gold may benefit as lower rates for longer would decrease the relative opportunity cost for holding the metal,” said Fawad Razaqzada, analyst at Forex.com, in a Monday research note.

Against this backdrop, gold for December delivery GCZ5, -0.07% added $4.40, or 0.4%, to settle at $1,107.70 an ounce on Comex, after capping its third straight weekly loss Friday. Prices lost 0.5% in the previous session.

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