Gold futures traded sharply higher in early deals on Monday, as the US President Trump’s announcement of new tariffs on European countries whetted safe haven appeal of the bullion. Moreover, political instability in Venezuela, renewed concerns over the Federal Reserve’s independence, and expectations of more US interest rate cuts also buoyed the bullion. The yellow metal for the most active contract had marked weekly gain of about 2%.
Gold futures for February delivery up by $76.20 or 1.66% to $4,671.60 an ounce on the Comex division of the New York Mercantile. While, spot gold rose by $67.29 or 1.46% to $4,663.38 an ounce.