Gold futures settled sharply lower on Monday, as the investment appeal of the bullion dampened ahead of monetary policy decisions from major central banks this week. Woes that central banks might challenge investor expectations for interest rate reductions early this year saddled investments. (FOMC) meeting is scheduled for December 12-13, 2023, and ECB's final decision of the year due on December 14. Stronger dollar and rising bond yields also kindled bearish trend in the bullion.
Gold futures for February delivery dipped by $20.80 or 1.03% to settle at $1993.70 per ounce on the Comex division of the New York Mercantile. While, spot gold up by $ 3.46 points or 0.17% to $ 1,985.41 per ounce.