Gold prices fluctuate as safe-haven demand wanes and real yields remain a factor.

Standard Chartered says gold's response to real yields is stronger than its response to safe-haven demand, and predicts that gold prices will remain elevated due to growing recession and inflation risks. The bank also sees another test of $2,000 an ounce as "increasingly likely." However, the risk for gold prices is a drop in the near term as investors face liquidity issues amid market volatility. The bank is projecting a 25-basis-point hike in the Federal Reserve's monetary policy meeting on Wednesday, followed by a potential pause in tightening.