Gold futures finished sharply higher on Monday, kindled by the safe haven appeal of the bullion followed by the concerns over the Federal Reserve's independence and as Iran is experiencing its largest nationwide uprising in years. Further, intensified bets of more Fed interest rate cuts, weaker dollar and sliding bonds yield notes also buoyed the yellow metal rates. Meanwhile, the US inflation data is due later today, which could provide clearer signals on the Fed’s policy direction.
Gold futures for February delivery up by $113.80 or 2.52% to settle at $4,614.70 an ounce on the Comex division of the New York Mercantile. While, spot gold down by $0.11 or 0.01% to $4,597.40 an ounce.
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