Gold futures finished higher on Monday after fifth straight weekly dip, as dollar took breather from rally. The greenback had registered two decade high rate against a basket of six major currencies last week. The dollar, which is head wind for the bullion, declined about 1% as Federal Reserve assured that it is to raise interest rate only by 75 basis points at its July meeting than the widely anticipated 100 basis points.
Gold futures for August rose $6.60 or 0.4% to settle at $1710.20 ounce on the Comex division of the New York Mercantile. Spot gold was higher by 0.4% to $1713.91 per ounce.