Gold and precious metals prices fall on US rate hike expectations
Gold prices dropped over 1% in Singapore, pressured by expectations of a US interest rate hike, with silver, platinum, and palladium also declining.
Key Takeaways
AIGold prices fell by more than 1 percent in Singapore today, weighed down by expectations that the US Federal Reserve will raise interest rates.
Spot gold dropped 1.4 percent to $4,008.76 per ounce, while US gold futures for December delivery slipped 0.5 percent to $4,031.40.
Gold is on track for its second consecutive monthly decline.
Among other precious metals, spot silver fell 3.5 percent to $52.08 per ounce, platinum dropped 3.7 percent to $1,481.75, and palladium slipped 0.9 percent to $1,001.92.
All three metals are also heading for a second straight monthly loss.