Gold futures finished sharply lower on Thursday, posting a seven week lower rate saddled by the expectations over hawkish measures by Federal Reserve to ebb the inflationary pressure. Besides, risk appetite in the market rose with the view that new Omicron virus won’t cause catastrophic damage to the global economy, pressuring bullion buying.
Gold futures for December fell by 1.2% to settle at $1,762.70 an ounce on the Comex division of the New York Mercantile. While, spot gold was down by 1.1% to $1,764.00 per ounce.