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Rate Fears Mean Worst Month for Gold in Last 7

Gold prices on Friday braced for their biggest monthly fall since February, hovering around levels at over six-month lows on the prospects of higher-for-longer interest rates ahead of a widely watched U.S. inflation print due later in the day.

Spot gold was up 0.1% at $1,866.19 U.S. per ounce by 0230 GMT, while U.S. gold futures rose 0.3% to $1,883.30.

Bullion was set for a nearly 4% decline this month and its second consecutive quarterly drop, with both the dollar and 10-year Treasury yields headed for their best quarters in four.

The gold market has taken on board the Federal Reserve’s messaging around a longer plateau on interest rates, say experts.

Data on Thursday showed the U.S. economy maintained a fairly solid pace of growth in the second quarter.

Markets positioned for the August personal consumption expenditures price index, the Fed’s preferred inflation gauge due at 8:30 a.m. EDT.

Spot silver firmed 1% to $22.83 U.S. per ounce, but was also set for its worst month in seven.

Platinum gained 1% to $913.43 U.S. and palladium added 0.7% to $1,280.62 U.S., both poised to squeeze out quarterly gains, if trend holds.