Gold softens on prospects of Fed rate hikes as Brent tops $100

Gold eased 0.1 percent to about $4,042 per ounce on prospects of US Fed rate hikes, with traders pricing in around 81 percent odds of a September hike. Brent crude surged 7 percent to cross $100 a barrel for the first time since May, driven by geopolitical tensions after Houthi strikes on Saudi oil tankers. The dollar and US 10-year Treasury yields climbed, adding pressure on emerging markets including India, which remains a major crude importer.