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.