Gold futures traded lower in early deals of Monday after the dollar firmed followed by US Federal Reserve Chairman Jerome Powell’s hawkish speech. The Fed chair indicated that it may continue with the aggressive interest rate hikes to tame the soaring inflation in the economy. Peaking interest rate hikes raises the opportunity cost of non-yielding bullion. The yellow metal for the most active contract had dipped by 0.7% for the week.
Gold futures for December dipped by $12.10 or 0.69% to $1748.40 ounce on the Comex division of the New York Mercantile. Spot gold fell by 0.3% to $1,732.17 per ounce.