PRECIOUS-Gold slips to near two-week low on Fed rate hike bets
GLD•Gold falls as rate hike bets rise
Gold fell on Monday, hovering near a two-week low, as investors assessed growing expectations of a Federal Reserve rate hike following hawkish comments from Chair Kevin Warsh, while a surge in oil prices further added to inflation concerns.
Spot gold XAU= fell 0.5% to $4,429.32 per ounce by 11:45 a.m. EDT (1545 GMT), having touched its lowest level since Aug. 19 earlier.
Still, the metal remained set for its strongest monthly performance since January, with prices up 9.6% so far.
U.S. gold futures GCcv1 for December delivery dropped 1.1% to $4,479.20.
Other precious metals also retreat
Elsewhere, spot silver XAG= fell 0.2% to $66.23 per ounce, and is up about 15% this month after hitting its highest since mid-June on Friday.
Platinum XPT= slipped 1.7% to $1,788.03, and palladium XPD= slid over 4% to $1,362.78. Both metals were headed for their biggest monthly rise since December.
