Gold heads for fourth weekly loss amid Fed rate hike expectations

Gold prices are headed for a fourth consecutive weekly loss, down nearly 4 percent this week, with spot gold trading at around $4,007.95 per ounce. The decline is driven by hawkish Federal Reserve rate hike expectations, with traders pricing in about a 64 percent chance of a September rate increase and at least three hikes this year. A stronger US dollar pushed gold down nearly 29 percent from its January 29 record high of $5,594.82, while silver, platinum and palladium also posted weekly declines.