Gold futures traded lower in early deals of Monday extending previous sessional losses, as the hawkish Federal Reserve and a peaked dollar saddled investment appeal of the non-yielding greenback denominated bullion. The yellow metal had settled at a two and half year low level on the prior day and had fell about 1.7% for the week. Gold prices have fallen more than 20% since scaling above the key $2,000 per-ounce mark in March.
Gold futures for December narrowed by $8.70 or 0.53% to $1646.90 an ounce on the Comex division of the New York Mercantile. While, spot gold declined by 0.3% or $27.28 to $ 1,638.59 per ounce.