Gold down a second straight session, ends under $1,100

Gold futures settled lower for a second straight session on Monday as prices failed at an earlier attempt to reclaim the $1,100-an-ounce level after climbing by nearly 4% last week.

February gold GCG6, -0.08% fell $1.70, or almost 0.2%, to settle at $1,096.20 an ounce after trading as high as $1,108.30. Prices had registered a gain of 3.6% last week, representing the best weekly gain since Aug. 21, 2015, according to FactSet data.

The metal “is perhaps somewhat overbought” in the wake of last week’s gain, said Peter Grant, chief market analyst at precious-metals dealer USAGOLD. “However, I think global growth risks and the associated stock market volatility will continue to underpin the yellow metal,” Grant said.

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