Gold futures finished sharply higher on Monday due to safe haven appeal of the bullion amid intensified worries over global economic slowdown with aggressive interest rate hikes and persisting inflation. Additionally, easing US Treasury bonds also lifted investment appeal of the bullion.
Gold futures for December rose by $30 or 1.8% to settle at $1702.00 an ounce on the Comex division of the New York Mercantile. Spot gold down by $1.10 or 0.06% to $ 1,698.79 per ounce.