Gold futures on the COMEX division of the New York Mercantile Exchange fell sharply on Monday as Federal Reserve Chairwoman Janet Yellen said that she believed an interest rate increase would happen in later 2015 given sustained improvement in the U.S. economy.
The most active gold contract for June delivery fell sharply 15. 4 U.S. dollars, or 1.28 percent, to settle at 1,185.30 dollars per ounce.