Gold falls to over 3-month low

Gold prices slipped to a more than three-month low today, June 28, after upbeat US economic data cemented expectations of more rate hikes this year.

“Good US economic data remains a headwind for the yellow metal, as it likely keeps Fed officials reiterating a hawkish tone,” Reuters reported, citing UBS analyst Giovanni Staunovo.

Investors are waiting for a speech by Federal Reserve Chair Jerome Powell’s later in the day.

Gold futures for August delivery dipped 0.46% to $1,915 an ounce at 3:22 p.m. Makkah Time. Spot gold traded 0.39% lower at $1,906.22 an ounce.

Silver futures slipped 0.92% to $22,94 an ounce. Spot platinum declined 1.13% to $916.48 a barrel.

The US dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.35% to 102.85 points.