Gold futures traded lower in early deals of Monday, as the bets over aggressive interest rate hike by US Federal Reserve and stronger US Treasury bond yields dulled investment appeal of the bullion. The Federal Open Market Committee is expected to begin its two-day meeting on interest rates by May 3. The yellow metal had marked worst monthly drop since January, about 1.4 % down for the month and registered 1% decline for the week.
Gold futures for June declined by 1% to $1,893.40 ounce on the Comex division of the New York Mercantile. spot gold down 0.3% at $1,890.69 per ounce.