Gold futures traded lower in early deals of Monday as the investment appeal of the bullion got saddled amid worries over continued aggressive interest rate hike by US Federal Reserve to tackle the soaring inflation rates. Moreover, 20 year peak of green back weighed down the yellow metal investments. Gold for the most active contract dipped by 2.6% for the week, registering its fourth weekly loss in five weeks.
Gold futures for December dipped by $6.30 or 0.37% to $1677.20 an ounce on the Comex division of the New York Mercantile. Spot gold declined by 0.35% or $5.87 to $1,669.19 per ounce.