Gold futures traded lower in early deals of Monday, saddled by the firmness in dollar and bond yield notes amid uncertainty over Federal Reserve interest rate cut. Moreover, yellow metal investments remained trimmed ahead to this week’s US CPI and PPI, along with Fed Chair Powell’s semi-annual testimony on monetary policy before Congress and other remarks from Fed officials throughout the week. The yellow metal for the most active contract had marked 2.4% gain for the week.
Gold futures for August delivery down by $6 or 0.25% to $ 2391.70 per ounce on the Comex division of the New York Mercantile. While, spot gold dipped by $8.20 or 0.34% to $ 2,384.14 an ounce.