Gold futures settled sharply lower on Tuesday, posting below the key benchmark $1800 level weighed down by the firmness in dollar and US Treasury yield bonds. Moreover, profit booking after the yellow metal’s hike followed by the dulled prospects of a quicker Fed stimulus tapering with the sluggish US jobs report, also buoyed the bearish trend.
Gold futures for December slipped by 1.9% to settle at $1,798.50 an ounce on the Comex division of the New York Mercantile. Spot gold dropped 1.6% to $1,794.57 per ounce.