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Gold futures trade higher in early deals on Monday

27 Jun 2022 Evaluate
Gold futures traded higher in early deals on Monday, as the safe haven appeal of the metal got whetted followed by the news that four of the Group of Seven (G7) rich nations moved to ban imports of Russian gold on Sunday to tighten the sanctions squeeze on Moscow and cut off its means of financing the invasion of Ukraine. However, aggressive interest rate hikes by Federal Reserve capped some gains of the non-yielding bullion. The yellow metal had dipped by 0.6% this week, marking second consecutive weekly decline.

Gold futures for August rose by $6.80 or 0.37% to $1837.10 ounce on the Comex division of the New York Mercantile. While, spot gold was up 0.2% at $1,828.99 per ounce.