Gold poised for biggest monthly drop since 2008 amid Fed rate hike expectations

Spot gold fell 0.8% to about $3,985 per ounce, down around 12% so far in June, heading for its biggest monthly drop since 2008 and fourth straight monthly decline. The sell-off is driven by US-Iran tensions lifting energy prices, sticky inflation, and expectations of at least three Fed rate hikes this year, with traders pricing a 64% chance of a September increase. Silver, platinum and palladium also slipped, while the US dollar strengthened, adding pressure on greenback-priced bullion.