COMEX Gold extended downside near a one-week low on Monday morning in Asia tracking rebound in dollar overseas. Markets are eying an end to the historic US government shutdown and will focus on the regular flow of economic releases from this week. The dollar index is holding well above 99 mark even as there is some concern about the near-term US monetary policy outlook as Cleveland Fed President Beth Hammack stated that while there has been some softening in the labor market, inflation, at around 3%, still remains above the Fed's 2% target. Due to inflation persistently outpacing the Fed goal, we need to remain somewhat restrictive to put pressure on inflation, she said at the Economic Club of Pittsburgh. The yellow metal is witnessing selling pressure after hitting a 3-week high last week and is currently quoting at $4080.40 an ounce, down 0.24% on the day. On the MCX, Gold futures ended around Rs 123400 per 10 grams mark, recording a steep slide of 2.60% on 14th November.

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