2021.10.1118:15:00UTC+00Gold Futures Settle Lower For 3rd Straight Day

Gold futures settled lower on Monday, extending its slide to a third straight session, as rising Treasury yields lifted the dollar to a near 3-year high against the Japanese Yen.

The yields on U.S. 10-year Treasury note climbed past 1.61%.

The dollar index climbed to 94.30, gaining about 0.25% over the previous close. Against the yen, the dollar rose to 111.42.

Gold futures for December ended down by $1.70 or about 0.1% at $1,755.70 an ounce, the lowest settlement in about two weeks. The contract slipped to a low of $1,749.90 an ounce before regaining some lost ground.

Silver futures for December ended lower by $0.040 at $22.665 an ounce, while Copper futures for December settled at $4.3665 per pound, gaining $0.0880.

The focus this week is on data on U.S. inflation and retail sales. The Federal Reserve will release the minutes of its last meeting.

The Bank of England policy maker Michael Saunders said on Saturday that inflationary surge "could become more persistent unless monetary policy responds."

"I think it is appropriate that the markets have moved to pricing a significantly earlier path of tightening than they did previously," Saunders said.

Earlier last week, BoE Governor Andrew Bailey had warned that inflation exceeding the BoE's goal of 2% will be damaging the economy.