Gold futures settled higher on Monday, due to expectation of a rate cut by 75 basis points next year. While, weaker dollar rates and falling Treasury yields also boosted yellow metal investments. Traders are cautiously awaiting the Key U.S. inflation data due later this week for signals on the Federal Reserve’s interest rate direction.
Gold futures for February delivery rose by $4.8 or 0.2% to $2040.5 per ounce on the Comex division of the New York Mercantile. However, spot gold dipped by $2.92 or 0.14% to $2024.27 per ounce.