0654 GMT - Gold prices are on track for a monthly loss of 12% despite persistent geopolitical uncertainties, as traders expect the Federal Reserve to hike interest rates this year. According to the CME FedWatch tool, traders expect three Federal Reserve rate hikes this year and are currently pricing in more than a 60% chance of a September increase. "Gold is likely to remain under pressure in the near term as easing energy prices, a resilient US dollar, and higher for longer interest rate expectations continue to reduce demand for non-yielding safe haven assets," analysts at MUFG say. In early European trading, New York gold futures rise 0.1% to $4,044.30 a troy ounce. (giulia.petroni@wsj.com)
Iron Ore Edges Higher Amid Tightening Supply, Falling Chinese Inventories -- Market Talk
0312 GMT - Iron ore edges higher in early Asian trading. Concerns over tightening supply from mines in Australia and Brazil mines remain, while iron ore inventories at Chinese ports fell last week, ANZ says, citing data from market research firm Shanghai Steelhome. Still, demand has weakened with Chinese steelmakers facing margin pressure. Production costs have also risen following a fatal coal-mining accident in the Shanxi province last month, which pushed coke prices higher, ANZ adds. The most actively traded September contract on the Dalian Commodity Exchange is up 0.1% at 743.00 yuan a ton. (jason.chau@wsj.com)
