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Gold futures settle sharply lower on Monday

16 Aug 2022 Evaluate
Gold futures settled sharply lower on Monday, pressured by the stronger dollar and on woes over aggressive interest rate hikes by Federal Reserve. Stronger dollar makes the green back denominated bullion expensive for overseas buyers, while higher interest rates dulls investment appeal of the non-yielding bullion.

Gold futures for December tumbled by $17.40 or 1% to $1798.10 ounce on the Comex division of the New York Mercantile. Spot gold dipped by 1.2% to $1,780.99 per ounce.