Gold futures finished sharply lower on Monday, declining to a seven-week low with the surge in dollar and on rising Treasury bond yield notes. Rising energy costs and expectations of aggressive Federal Reserve rate hikes also saddled yellow metal rates.
Gold futures for December delivery plunged by $152.80 or 3.54% to $4,168.40 an ounce on the Comex division of the New York Mercantile. While, spot gold rose by $24.21 or 0.59% to $4,139.92 an ounce.