Gold logs highest close in 3 months

Gold futures posted their highest close in more than three months on Monday, as the yellow metal extended its gains from the prior week amid bets for a further delay in U.S. interest-rate hikes.

Gold for December delivery GCZ5, -0.76% settled $8.60, or 0.7%, higher at $1,164.50 an ounce on Comex for its highest settlement since July 6, when the precious metal finished at $1,173.20. Meanwhile, December silver  SIZ5, -0.88% tacked on 4 cents, or 0.2%, to finish at $15.86 an ounce.

Last week, gold gained about 1.7% and scored its highest settlement since Aug. 21.

Jim Wyckoff, senior analyst at Kitco, said he believed gold gains have partially been fueled by haven buying amid Russia’s bombardment on opponents of Syrian President Bashar al-Assad’s regime.

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