Gold futures record highest settlement in over a week

Gold futures settled above $1,075 an ounce on Monday to mark their highest level in more than a week as tensions in the Middle East and a plunge in China’s stock market unsettled investors around the globe, fueling haven demand for the precious metal.

February gold GCG6, +0.20%  advanced by $15, or 1.4%, to settle at $1,075.20 an ounce on Comex. That marked the highest settlement since Dec. 24.

March silver SIH6, +0.93% also gained, tacking on 3.8 cents, or 0.3%, to $13.841 an ounce.

“Gold is benefiting from a flight to safety,” with the “weekend increase in tensions between Iran and Saudi Arabia…likely driving this flow of capital,” said Colin Cieszynski, chief market strategist at CMC Markets.

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