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Gold futures settle lower on stronger dollar

03 Aug 2023 Evaluate

Gold futures settled lower on Wednesday, as the safe haven appeal of the bullion dulled on stronger US dollar ahead of key U.S. nonfarm payrolls data and rise in Treasury Bond yields. However, downgrading the US debt rating to 'AA+' from 'AAA’ capped some losses in yellow metal.

Gold futures for December down by $3.8 or 0.2% settle at $1975.0 ounce on the Comex division of the New York Mercantile. Spot gold diminished by $0.42 or 0.02% to $1934.03 per ounce.