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Gold futures settle lower on stronger dollar

03 Oct 2020 Evaluate
Gold futures settled lower on Friday, as the yellow metal investment trimmed with the stronger dollar, which made it costlier for other currency holders. The continued contingency over fresh fiscal stimulus measures from US central Bank and political gridlock precluding fiscal aid have been dominant factors behind this dip in the yellow metal and associated dollar strength. However, losses remained trimmed after US President Donald Trump diagnosed COVID-19 positive test hurting risk sentiments. The bullion for most active contract registered a weekly gain of 2.2%.

Gold futures for December delivery  fell $8.70, or 0.5% to settled down at $1,907.60 an ounce on the Comex division of the New York Mercantile. Spot gold was eased 0.2% to $1,900.40 an ounce.