Gold futures traded sharply higher in early deals of Monday, with the softer dollar and on safe haven appeal of the bullion amidst jitters over a prolonged US government shutdown. Bets over 25bps Fed interest rate cut in October and an 84% chance of a similar move in December also kindled investment appeal of the bullion. The yellow metal for the most active contract marked seventh straight weekly gain, climbing 1.55% for the week.
Gold futures for December delivery up by $46.20 or 1.18% to $3,955.10 an ounce on the Comex division of the New York Mercantile. While, spot gold rose by $43.63 or 1.12% to $3,930.17 an ounce.