Gold futures settled sharply lower on Monday, sending prices for the metal back to their lowest level since early 2010 as the U.S. dollar got a boost from growing expectations that the Federal Reserve will raise interest rates in December.The “focus is on the U.S. dollar and U.S. interest-rate expectation,” said Chintan Karnani, chief market analyst at Insignia Consultants, and “investors are trading the momentum and selling on every rise.”
December gold GCZ5, +0.26% lost $9.50, or 0.9%, to settle at $1,066.80 an ounce on Comex. Futures, which finished last week with a 0.4% loss to tally their fifth straight weekly decline, settled at their lowest level since February 2010. December silver SIZ5, +0.24% also lost 6.4 cents, or 0.5%, to $14.032 an ounce, the lowest settlement since August 2009.
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