Gold sees biggest monthly drop since 2016

As US Fed officials sped up their plans for tightening policy, gold prices dropped below $1,800 an ounce.

Gold headed for the biggest monthly drop in more than four years after the Federal Reserve sped up their expected pace of policy tightening, sending prices tumbling below $1,800 an ounce. The rise in U.S. stocks to a fresh record and a resurgent dollar have also weighed on the precious metal. Investors are also assessing new travel restrictions in Europe amid concerns about the coronavirus delta variant, which helped spur a re-think of the reflation trade.