After a brutal July, gold futures started the week and the month of August on a dour note, with the precious metal is being weighed down by a stronger dollar ahead of a key employment report on Friday, which could set the tempo for the Federal Reserve’s first interest rate hike since 2006.Renewed expectations that the Fed will hike rates as early as September has bolstered the dollar and diminished the appeal of the yellow metal, which has been trading at its lowest level in five years as the buck has gained momentum.
Gold for December delivery GCZ5, -0.57% which is now the most actively traded contract on Comex, shed $4.20, or 0.4%, to $1,090.90 an ounce. Gold settled at $1,095.10 an ounce on Friday.
For the month gold, logged a drop of 6.5%, its biggest decline since a slide of more than 12% in June 2013.
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