Gold is heading for its steepest monthly decline since October 2008, with spot prices falling 1.5% to $3,956.92 per ounce, according to WAM. The metal has shed 12.7% since the start of the month, on course for a fourth straight monthly loss, as expectations of further US interest rate increases to curb inflation weigh on prices.
US gold futures for August delivery fell further, dropping 1.7% to $3,969.30.
Other precious metals were similarly under pressure. Silver dropped 2% to $57.13 per ounce, platinum lost 1.1% to $1,557.21, and palladium slipped 0.4% to $1,208.17. All three are also on track to record quarterly losses.
