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Gold futures end steeply lower as dollar firms

22 Sep 2020 Evaluate
Gold futures ended steeply lower on Monday, as the stronger dollar pressured bullion buying. Surge in corona virus and uncertainty in economic recovery has shifted investors to resort on dollar investments. Meanwhile, heavy correction in global equity market in midst of renewed COVID-19 lockdown measures in Europe also lifted US currency weighing on the yellow metal.

Gold futures for December delivery settled down 2.6% at 1,910.60 an ounce on the Comex division of the New York Mercantile. Spot gold dropped 2.1% to $1,909.05 an ounce.