Gold price today: Spot gold fell 1.8 per cent to $4,116.07/ounce having touched its lowest since June 11 at $4,090.27 earlier. U.S. gold futures for August delivery fell 1.6 per cent to $4,133.70/ounce. Today's drop in Gold rate came as the U.S. dollar strengthened to a one-year high on market expectations of a more hawkish Federal Reserve, pressuring the non-yielding precious metal. A stronger dollar weighed on other metals as well, with spot silver dipping 4.4 per cent to $62.34 per ounce, platinum lost 2.5 per cent to $1,637.39, and palladium slipped 1.3 per cent to $1,249.13.Gold Rate ForecastFor the metal, ‌the Fed's ⁠hawkish stance ⁠to counter inflation stemming from Iran war-fueled higher energy costs has almost nullified the effect of ​the recent softening of oil prices after the U.S. and Iran peace talks in Switzerland on ​Monday.The U.S. dollar scaled its highest ⁠level since May last year, after almost half of ​Fed policymakers in last week's meeting indicated that they now ​expect rates to rise this year.Traders ratcheted up bets on higher interest rates this year, with an about 68 per cent chance of a September hike, up from 29 per cent last week, according to the CME FedWatch Tool. Investors are looking out for U.S. Personal Consumption Expenditures data, the Fed's preferred inflation gauge, due later this week, for ‌further monetary policy cues."The (gold) market had been looking to the psychological $4,000/oz milestone for support following the Iran peace deal, but sentiment has ​swung to ​selling on price rallies," ⁠Suki Cooper, analyst at Standard Chartered Bank, said in a note.Deutsche Bank analyst Michael Hsueh in a note said that in a revised base case, the bank expects ​gold to reach $4,800/oz in Q4, consistent with an indefinite Fed hold, although a risk case of pricing 3-4 Fed hikes may bring gold to $3,800 per ounce.