Gold prices heading for biggest monthly loss since 2016

Gold prices fell on Wednesday, heading towards recording the largest monthly loss since November 2016, with the US Federal Reserve's support to raise interest rates at a date earlier than expected.

Meanwhile, Richmond Fed President Thomas Barkin said that the US labor market is still far from pre-pandemic levels, supporting continued asset purchases.

Spot gold fell 0.1% to reach $1,759.16 per ounce, and gold futures contracts for August declined 0.2% to reach $1,760.30 per ounce, by 09:55am GMT.

Elsewhere, silver rose 0.2% to $25.94 per ounce, palladium settled at $2,680 per ounce, and platinum fell 0.3% to $1,068.56 per ounce.

The US dollar index - which measures the performance of the US currency against a basket of six currencies – stabilized at 92.031 points.

The Chicago manufacturing purchasing managers’ index (PMI) data for the current month is scheduled to be released soon, with expectations that it will record 70.2 points.