Gold futures settled sharply lower on Thursday marking six week low rate pressured by a stronger dollar and on truculent rate hike outlook. Positive trend in US Treasury bond yields which notched 15 year high also dulled investment appeal of the non-yielding bullion.
Gold futures for December tumbled by $16.90 or 1% to settle at $1709.30 ounce on the Comex division of the New York Mercantile. Spot gold fell by 0.3% to $1,706.40 per ounce.