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Gold futures trade lower in early deals on Monday

10 Jul 2023 Evaluate

Gold futures traded lower in early deals on Monday, pressured by beta over aggressive interest rate hikes by Federal Reserve. However, concerns surrounding US-Sino geopolitical tensions, rising inflation, economic jitters in China and continued Ukraine-Russia war had buoyed the safe haven bullion to post 0.2% gain for the week.

Gold futures for August delivery down by $2 or 0.10% to settle at $1930.50 ounce on the Comex division of the New York Mercantile. Spot gold declined by $0.45 or 0.02% to $1,924.60 per ounce.