SINGAPORE – Spot gold fell 0.5 percent to $4,087.68 an ounce, its lowest level since June 11, while U.S. gold futures for August delivery lost 1.1 percent to $4,105.40.
The dollar hit its highest level in more than a year, making gold more expensive for buyers holding other currencies.
According to the CME Group’s FedWatch tool, traders expect three interest rate hikes by the Federal Reserve (the US central bank) this year.
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Investors are awaiting the release of US personal consumption expenditures data, the Federal Reserve’s preferred benchmark for measuring inflation, due tomorrow, for further indications of monetary policy.
As for other precious metals, silver fell 1.1 percent to $61.36 an ounce in spot trading, platinum declined 0.9 percent to $1,637.34 and palladium dropped 1.2 percent to $1,223.29.
