Gold heads for monthly decline as US inflation data awaited

Gold prices fell on Wednesday and are heading for a monthly loss, pressured by expectations of interest rate hikes and investors awaiting US inflation data. Spot gold dropped 0.2% to $4,170.63 per ounce, losing more than 6% since the start of the month. Futures rose 0.5% to $4,201.90. The dollar is heading for monthly gains.

Gold prices fell on Wednesday and are heading for a monthly loss, as expectations of interest rate hikes weighed on market sentiment while investors await US inflation data for clues on the next monetary policy move by the Federal Reserve. Spot gold fell 0.2% to $4,170.63 per ounce by 0150 GMT, losing more than six percent since the start of the month. US gold futures rose 0.5% to $4,201.90. The dollar is heading for monthly gains, making dollar-denominated metals more expensive for holders of other currencies. The US personal consumption expenditures price index is due at 1230 GMT. The article is quoted from agencies.