Gold futures end with a modest loss

Gold futures finished slightly lower on Monday, following last week’s modest rise. The precious metal found support Friday on the back of softer U.S. yields. Those softer U.S. yields could “play in favor” of gold if the market sees a material pullback in Federal Reserve interest-rate hike expectations, but that view “is data dependent,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank, in Monday commentary. Investors will closely watch the U.S.’s latest GDP update, and the PCE index, which is another gauge of inflation that is closely monitored by the Fed, he said. “A strong GDP, and/or a strong PCE could easily fuel the Fed hawks, [sending] the U.S. yields and the U.S. dollar higher.” In turn, equities and gold would head lower. ​Gold for December delivery GCZ22, -0.10% fell $2.20, or 0.1%, to settle at $1,654.10 an ounce on Comex after climbing 1.2% on Friday and posting a gain of 0.5% for the week.