Gold futures finished sharply lower on Monday, as the rally in dollar and Treasury bond yields pressured investment appeal of the bullion. Intensified bets over sharper interest rate hike by Federal Reserve followed by the jump of May U.S. consumer price index by 8.6%, the highest reading since 1981, dampened yellow metal investments. Meanwhile, investors closely eyed Federal Reserve meeting scheduled this week.
Gold futures for August fell by $43.70 or 2.3% to settle at $1831.80 ounce on the Comex division of the New York Mercantile. Spot gold fell 2.2% to $1,829.08 per ounce.