Gold futures settled sharply lower on Monday, saddled by the strength in dollar making the greenback denominated bullion expensive for third currency holders. Moreover, increased risk appetite in the market and intensified bets over pivot Fed monetary policy also pressured the precious metal. The bullion for the most active contract tumbled to at its lowest since September 29 finish.
Gold futures for December tumbled by $34.10 or 2% to settle at $1675.20 ounce on the Comex division of the New York Mercantile. While, spot gold dipped by $3.11 or 0.19% to $ 1,665.50 per ounce.