Gold futures finish sharply lower on Monday, extending Friday’s plunge, which recorded its steepest dip in more than a decade. The yellow metal tumbled following concerns over nomination of Kevin Warsh as the next Federal Reserve chair and a sharp increase in margin requirements by the CME Group. Reports on easing tensions between the US and Iran also reduced safe-haven demand for precious metals.
Gold futures for February delivery tumble by $61.30 or 1.3% to $ 4,652.60 an ounce on the Comex division of the New York Mercantile. While, spot gold up by $ 159.40 or 3.42% to $ 4,820.78 an ounce.