Gold futures settled sharply lower on Monday, weighed down by the firmer dollar making it costlier for the other currency holders and as safe haven appeal of the bullion diminished with the long term Treasury debt yields noted as sign of stronger economic recovery. The yellow metal for the most active contract marked lowest finish since April 3 in the session.
Gold futures for April delivery dipped by 1.2% or $20.50 to settle at $1,678.00 an ounce on the Comex division of the New York Mercantile. Spot gold fell by 0.6% to $1,691.40 per ounce.