Gold futures settled lower on Monday as demand for the yellow metal dropped amid rising prospects of further rate hikes by global central banks to combat soaring inflation. The dollar's somewhat steady performance also weighed on gold prices.
Gold futures for June fell 1.3% to settle at $1,858.60 ounce on the Comex division of the New York Mercantile. While, spot gold was down by 0.4% to $1,874.89 per ounce.