Gold futures finished sharply higher on Tuesday, kindled by the weakness in dollar and Treasury yield bond decline. Expectations for upcoming Federal Reserve rate hikes dropped as falling oil prices and the potential reopening of the Strait of Hormuz calmed inflation fears, buoying investment appeal of the bullion.
Gold futures for December delivery surged by $62.10 to 1.51% to settle at $4,152.60 an ounce on the Comex division of the New York Mercantile. While, spot gold soared by $62.38 or 1.53% to $4,140.37 an ounce.