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Gold futures settle higher as dollar dwindles

18 Oct 2022 Evaluate
Gold futures settled higher on Monday, kindled by the weakness in dollar against its peers making the green back denominated bullion cheaper for other currency holders. Besides, US Treasury bond yields turned negative after the new British Finance Minister Jeremy Hunt scrapped most of the policies announced in Prime Minister Liz Truss's budget on September 23, buoying investment appeal of the bullion. Safe haven appeal of the bullion amid uncertainties over global economic slowdown also supported rise in rates.

Gold futures for December rose by $15.10 or 0.90% to settle at $1664.00 ounce on the Comex division of the New York Mercantile. Spot gold lifted by $1.73 or 0.10% or $1,651.82 per ounce.