FX.co ★ Gold Futures Settle Lower

Gold futures settled lower on Monday, losing ground after posting decent gains last week amid hopes the U.S. Federal Reserve was close to ending its tightening campaign.

Data showing a slower than expected pace of Chinese economic growth in the second quarter contributed a bit to the weak demand for the yellow metal.

On a quarterly basis, Chinese GDP was up 0.8% in the second quarter, weaker than the 2.2% growth recorded in the first quarter.

The dollar's retreat after a modest uptick helped limit gold's downside.

The dollar index, which fell to 99.75 in the Asian session, climbed to 100.18 around mid-morning, but dropped to 99.90 subsequently.

Gold futures for August ended lower by $8.00 or about 0.4% at $1,956.40 an ounce.

Silver futures for September ended down $0.176 at $25.018 an ounce, while Copper futures for September settled at $3.8440 per pound, down $0.0890 from the previous close.