Gold futures started the week moving higher, getting a bounce off Friday's year-to-date low of $3,870 to close near $3,940. The recovery was aided by a weaker dollar and shifting expectations around Federal Reserve rate hikes. As prices distanced themselves from the recent lows, volatility, as measured by the CVOL index, moved lower. In terms of positioning, speculators continued to exit net long positions, extending a trend from late August and bringing length to its lowest level since the summer.