Gold futures traded lower in early deals of Monday, pressured by the strength in dollar as against its peers making the greenback denominated bullion costlier for other currency holders. The yellow metal snapped its record gains over past week, as bets on Fed trimming interest rates dimmed followed by the stubborn inflation data and subdued job figures. Meanwhile, investors closely awaited for more cues ahead to this week’ s manufacturing, retail sales and industrial production data. However, conflicts over US debt ceiling, jitters over US bank crisis, and recession warnings by Fed trimmed some losses in bullion. The yellow metal for the most active contract registered 0.3% loss for the week.
Gold futures for June down by $0.90 or 0.04% to settle at $2018.90 ounce on the Comex division of the New York Mercantile. While, spot gold rose by $3.37 or 0.17% to $2,014.14 per ounce.