US gold futures ⁠for August delivery lost 1.1% to $3,992.70 on Wednesday.

Gold prices fell on ⁠Wednesday after hitting a seven-month low in the previous session, pressured by higher Treasury yields, while fading prospects of a permanent US-Iran peace deal kept concerns ‌over inflation and Federal Reserve rate hikes elevated.Spot gold was down 0.7 per cent at $3,979.41 per ounce, as of 0300 ‌GMT. In the previous session, bullion slipped to $3,942.99 per ‌ounce, ⁠its lowest point since last November.US gold futures ⁠for August delivery lost 1.1 per cent to $3,992.70 on Wednesday.Bullion recorded its largest quarterly drop since 2013 on Tuesday, and fell for a fourth consecutive month ​in June, as tensions in ‌the Middle East heightened inflation concerns and bolstered Fed rate-hike expectations.“It looks like the pressure from higher yields is what’s getting gold lower. The US dollar is also a ‌touch higher at the same time, which kind of confirms ​what’s going on,” said Ilya Spivak, head of global macro at Tastylive.The dollar strengthened, making greenback-priced ⁠bullion more expensive for holders of other currencies, while yields on the benchmark 10-year US Treasury note advanced higher.Federal Reserve Bank of Cleveland ‌President Beth Hammack said on Tuesday it remains possible that she’ll advocate for higher interest rates if inflation pressures fail to ease, underscoring a still-hawkish policy outlook.Traders are pricing in roughly a 67 per cent chance of a rate hike for September, according to the CME FedWatch Tool, reflecting firming expectations of tighter monetary ‌policy.Investors now await the June ADP employment data, due later in the ​day, and nonfarm payroll figures on Thursday for further clues on Fed’s rate path, which could shape ⁠near-term moves in bullion.Oil prices rose as Iran said it would ⁠not meet with senior US envoys who travelled to the region following an outbreak of hostilities, dimming prospects for ‌a near-term diplomatic breakthrough.Spot silver fell 1.4 per cent to $57.75 per ounce, platinum lost 0.6 per cent to $1,542, having hit its lowest since ​last November, and palladium inched 0.4 per cent lower to $1,199.34.Published on July 1, 2026