Gold Prices Experience the Biggest Monthly Drop in 18 Years

Gold prices continue to decline due to the strengthening dollar and oil prices following the US-Iran war. Gold has recorded its biggest monthly loss since October 2008 and has been declining for four consecutive months. According to NTV's report, gold prices have dropped below $4,000 per ounce, reaching their lowest level in about eight months. With this decline, gold is heading towards its fourth consecutive monthly drop. The precious metal has lost more than 12% this month and approximately 15% this quarter. Markets continue to price in the expected interest rate hikes by the Federal Reserve this year, with the first move likely to occur in September. Investors are now waiting for new clues on the policy outlook with the latest US monthly employment report.