Gold futures settled higher on Monday, kindled by the safe haven appeal of the bullion followed by the decision of Western countries to impose more sanctions on Russia amid still lingering geopolitical tensions. Additionally, surging inflation and resurgence in covid-19 cases also prompted more yellow metal investments. However, stronger dollar and Treasury Bond yields limited some gains.
Gold futures for June climbed by 0.5% to settle at $1,934.00 per ounce on the Comex division of the New York Mercantile. Spot gold rose by 0.4% at $1,932.78 per ounce.