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Gold futures settled lower on Monday, as a stronger dollar and rising equities dimmed the demand for the yellow metal.

However, uncertainty about the pace of global economic rebound due to the spread of the delta variant of the coronavirus limited gold’s downside.

The dollar index rose to 92.42 in the European session, but gave up some gains as the day progressed and was last seen hovering around 92.25, up 0.14% from Friday’s close.

Gold futures for August ended lower by $4.70 or about 0.3% at $1,805.90 an ounce.

Silver futures for September settled flat at $26.239 an ounce, while Copper futures for September ended lower by $0.0295 or about 0.7% at $4.3160 per pound.

Investors looked ahead to U.S. inflation data, and Fed Chair Jerome Powell’s semi-annual Congressional testimony for more clues on the timeline for tapering asset purchases by the central bank.

On the COVID-19 front, finance ministers from the Group of 20 countries warned over the weekend that the global economic growth is at risk from the spike of new coronavirus variants and the low vaccine availability in developing countries.


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