Gold set for fourth monthly fall on bets of Fed rate hikes

Gold fell over 1% on Tuesday and was set for a fourth straight monthly decline, as uncertainty in the Middle East gave ​way to expectations of US interest rate hikes to tame ‌inflation. Spot gold declined 1.5% to $3,957.74 per ounce by 0112 GMT and was set for a monthly fall of 12.7%. US gold futures for August delivery ​lost 1.7% to $3,971.60. The US dollar was headed for a monthly ​gain, making bullion more expensive for holders of other currencies. ⁠Iranian and US negotiating teams were due to meet in Doha this ​week, but Iran said on Monday no meeting had been scheduled as ​weekend missile fire from both sides tested the interim ceasefire to end the four-month-old war.