Gold futures on Monday posted their first gain in three sessions, as a pullback in the U.S. dollar helped to lure investors after prices suffered declines in each of the last five weeks. “If the metal market views begin to think rapidly rising interest rates might not deter inflation, that could begin to discourage aggressive and very confident selling interest in gold and silver,” analysts at Zaner wrote in Monday’s newsletter. “Fortunately for the bull camp, hawkish market sentiment from the U.S. central bank will likely moderate this week as the U.S. Fed entered its blackout period over the weekend,” ahead of the July 26-July 27 monetary policy meeting, they said. August gold rose $6.60, or 0.4%, to settle at $1,710.20 an ounce.
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