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Gold futures finish lower on upbeat US economic data

06 Feb 2024 Evaluate

Gold futures finish lower on Monday, due to risk appetite in the market after better-than-expected ISM Services PMI indicating strong growth in the services sector, and on rise in US jobs of January. Investment appeal of the bullion also dampened after Fed Chair Jerome Powell indicated fewer than expected interest rate cuts this year. However, weaker dollar and bond yields capped some losses in the session.

Gold futures for April delivery down by $10.8 or 0.52% to settle at $2042.90 per ounce on the Comex division of the New York Mercantile. Spot gold dipped by $0.91 points or 0.04% to $ 2,024.20 ounce.