Gold falls on dovish US Fed interest rate outlook
Gold is still up 8% so far in June, with platinum and palladium also slightly up on the day
Bengaluru — Gold prices fell more than 1% on Wednesday, retreating from a six-year peak scaled in the previous session, on signs that the US Federal Reserve will not resort to aggressive interest rate cuts in July.
Spot gold was down 1.2% at $1,405.44 an ounce as of 11.08am GMT, snapping a six-session winning streak that lifted it to $1,438.63 on Tuesday, the highest since May 14, 2013. US gold futures fell 0.7% to $1,409.10.