Gold price on track for first monthly loss

New York (July 2)  Gold prices are on track for its first monthly loss this year, as indications from leading central banks that the era of easy money may be coming to a close pushing bond yields higher.

 Spot gold was down 0.27% at USD 1,241.91 per ounce, while US gold futures for August delivery settled down USD 3.5 lower at USD 1,242.30 per ounce  on Friday.  

 Spot prices dipped nearly 2% in June and are down 0.4% in Q2. The Federal Reserve's decision to hike US interest rates at its June meeting, and its indication that it will press ahead with plans to shrink its USD 4.5 trillion in bond holdings.

 Silver was up 0.24%, at USD 16.63 an ounce. Silver has seen the biggest fall among major precious metals this quarter, down nearly 9%.

 Palladium was down 0.54%, at USD 842.90 an ounce on Friday, while Platinum was down 0.13 percent at USD 918.85.

Source: HFL