Gold turned lower on Tuesday, pressured by the firm U.S. dollar and weak oil prices, and with expectations that the Federal Reserve will increase interest rates this year pushing bullion toward its second monthly decline.
Gold has fallen 3 percent since hitting a three-week high last week above $1,200 an ounce after Federal Reserve Chair Janet Yellen on Friday signaled a rate hike could be likely later this year.
Yellen’s remarks on sustained gains in the U.S. economy halted a seven-day rally in bullion—the longest rising streak since 2012—which had been spurred by hopes the Fed would take it slow in raising rates.
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