Gold prices have fallen to a more than seven-month low under pressure from a firmer U.S. dollar. Spot gold was down 0.4 per cent at $3,985.89 per ounce, after hitting its lowest level since November ‌2025. U.S. ⁠gold futures for August delivery lost 0.2 per cent to $4,001.60. Spot silver fell 0.2 per cent to $57.33 per ounce, platinum lost 0.2 per cent to $1,575.85, while palladium gained 0.3 per cent at $1,170.25.Gold Rate OutlookGold rate fell below the key $4,000-per-ounce level for the first time since November 2025 on Wednesday, pressured by a stronger dollar and expectations of Fed rate hikes. Gold prices are set for extending losses on Thursday, hovering near the more-than-seven-month low hit a day earlier, as the dollar held firm on rising expectations of Federal Reserve interest rate hikes.Traders expect three Fed rate hikes this year and are pricing in an ​about 67 per cent chance of a September increase, ⁠according to ‌the CME FedWatch Tool. The U.S. dollar advanced ​for a ​third straight day on Wednesday to hit a ⁠13-month high, making gold more expensive for buyers holding ​other currencies.U.S. Treasury Secretary Scott Bessent on ​Wednesday applauded Fed Chair Kevin Warsh's plan to reduce forward rate guidance, but said Fed policymakers need to keep an open mind on the inflation impact of the Iran conflict.Investors await the U.S. Personal Consumption Expenditures data, the Fed's preferred inflation ‌gauge, due later in the day, for further cues on monetary policy.Lebanon and Israel are discussing a ​U.S.-backed proposal for ​Israeli forces to ⁠transfer some of the Lebanese territory invaded in their war with Hezbollah to Lebanon's military, officials on both sides said, in a possible ​step towards restoring Lebanese control of occupied territory.