Extending losing streak to fourth straight session, Gold futures finished lower on Thursday pressured by the firmer dollar making it expensive for other currency holders. Moreover, Fed Chairman’s affirmation over central bank’s strong commitment to tame inflation pointed to more hawkish monetary policy dulling non-interest bearing yellow metal investments. The bullion has registered one week low rate in the session.
Gold futures for August lower by $8.60 or 0.5% to settle at $1829.80 ounce on the Comex division of the New York Mercantile. Spot gold dipped by 0.3% to $1,832.77 per ounce.