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Gold futures trade higher in early deals of Monday

05 Aug 2024 Evaluate
Gold futures traded higher in early deals of Monday, kindled by the intensified bets over a dovish pivot from Federal Reserve after disappointing US economic data. Additionally, safe haven appeal of the bullion amidst escalating tensions in the Middle East, and a weaker bond yield notes also fuelled the yellow metal upward momentum. The yellow metal for the most active contract had gained 3.72% for the week.

Gold futures for December delivery up by $25.8 or 1.04% to $2495.60 per ounce on the Comex division of the New York Mercantile. While, spot gold rose by $10.29 or 0.42% to settle at $2,453.53 an ounce.