Gold Faces Monthly Drop Amid US Inflation Data Anticipation

Gold prices fell on Wednesday and are set to record a monthly loss, amid pressure from interest rate hike expectations on market sentiment. Investors are awaiting US inflation data for indications from the Federal Reserve (US central bank) regarding its next monetary policy move. Spot gold declined 0.2% to $4170.63 per ounce by 01:50 GMT, losing over 6% since the start of the month. Conversely, US gold futures rose 0.5% to $4201.90. The dollar is poised for monthly gains, making dollar-denominated metals more expensive for holders of other currencies. The US Personal Consumption Expenditures (PCE) price index is scheduled for release at 12:30 GMT.