Gold futures traded lower in early deals of Monday, extending Friday losses as the US inflation jumped by 2.8% on a year-on-year basis in April, dulling Fed interest rate cut prospects. Lingering elevated benchmark interest rates kept pressuring investment appeal of the non-yielding bullion. The yellow metal for the most active contract had registered second consecutive weekly loss of 0.47%. However, softer dollar and dipping bond yield notes capped some losses in the session.
Gold futures for August delivery down by $4.50 or 0.19% to $2341.30 per ounce on the Comex division of the New York Mercantile. While, spot gold declined by $5.39 or 0.23% to $2,321.94 an ounce.