Gold futures traded lower in early deals of Monday, as the strong US jobs data intensified bets of continued sharp interest rate hike by Federal Reserve dulling investment appeal of the bullion. Moreover, pick up in dollar value and improved Treasury bond yields also saddled yellow metal investments. However, the precious metal for the most active contract rose 2.2% for the week, scoring second consecutive weekly gain.
Gold futures for December trade lower by $11.60 or 0.68% to $1697.70 an ounce from the previous closing of $1709.30 an ounce, on the Comex division of the New York Mercantile. While, spot gold dipped by $5.21 or 0.31% to $ 1,689.61 per ounce.