Gold futures traded higher in early deals on Monday, boosted by the safe haven appeal amidst intensified tensions between Ukraine and Russia. Moreover, bets on Fed interest rate cuts, and weakness in dollar as well as sliding bonds also fuelled the yellow metal investments. However, some gains remained capped ahead of Fed Chair Powell’s speech and the latest FOMC minutes later this week. The yellow metal for the most active contract had gained about 2.5% for the week.
Gold futures for December delivery up by $4.10 or 0.16% to $2541.90 per ounce on the Comex division of the New York Mercantile. However, spot gold down by $7.55 or 30% to settle at $2,500.46 an ounce.