Gold extends losses on Fed tightening outlook, dollar strength

Spot gold fell 0.4% to $3,985.89/oz, breaching the key $4,000 level for the first time since November 2025, pressured by a stronger US dollar hitting a 13-month high and expectations of three Fed rate hikes this year (67% priced in for September). Silver and platinum also declined 0.2% each, while palladium gained 0.3%. Traders are now awaiting the US PCE inflation data for further monetary policy cues.