Gold Settles Higher After Three-session Decline

By Myra P. SaefongMarketWatch Pulse

Gold futures settled higher on Monday, rebounding after suffering declines over the past three trading sessions. Tim Evans, chief market strategist at Long Leaf Trading Group, said gold likely found support late in the trading session "as the prospect for more aggressive action by the [People's Bank of China] is circulating, given the recent fallout from Chinese equities." Uncertainty in China, which is among the world's biggest gold buyers, can boost haven-related demand for gold. August gold tacked on $9.70, or 0.8%, to settle at $1,173.20 an ounce on Comex.

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