Gold futures finished higher on Monday, kindled by the safe haven appeal of the bullion ahead to a slew of US economic numbers including PCE inflation, advance estimates for Q3 GDP, and payroll figures. Moreover, woes over lingering Middle East war, caution ahead of the presidential election and the Federal Reserve's monetary policy decision next week also provided support to the bullion. Market anticipates 98% chance for a 25 bps interest rate reduction by Federal Reserve. Lower interest rates reduce the opportunity cost of holding non-interest-bearing bullion assets. Softer bond yield notes also added lustre to the precious metal investments.
Gold futures for December delivery up by $ 1.30 or 0.04% to $2,755.90 per ounce on the Comex division of the New York Mercantile. Spot gold rose by $7.61 or 0.28% to settle at $ 2,750.07 an ounce.