Gold futures retreated from previous session's gains in early deals of Monday despite weakness in dollar. The yellow metal had registered its weekly gain of about 0.4%, after three straight weekly losses. The yellow metal got pressured after Federal Reserve Governor Christopher Waller had remarked that the Central Bank might have to raise its benchmark interest rate well above 4% if inflation does not moderate this year. Higher interest rate dulls investment appeal of the non-yielding bullion.
Gold futures for December dipped by $4.90 or 0.29% to $1728.00 an ounce on the Comex division of the New York Mercantile. Spot gold slipped by $3.24 or 0.19% to $1,713.59 per ounce.