Gold futures finished lower on Monday, as the better-than-expected US jobs report dampened expectations for more aggressive rate cuts from the Federal Reserve bank. Smaller interest rates trim the opportunity cost of holding non-interest-bearing bullion. Additionally, optimism ahead to key CPI and PPI data due this week also curtailed rates further. Meantime, China’s central bank refrained from purchasing gold for its reserves for the fifth straight month in September.
Gold futures for December delivery down by $1.80 or 0.06% to settle at $2,666.00 per ounce on the Comex division of the New York Mercantile. While, spot gold up by $0.38or 0.01% to $2,642.97 an ounce.