Gold slips on US-Iran tensions and energy rally; heads for fourth monthly loss

WASHINGTON, United States — Gold prices fell 0.7% on Monday, with spot gold dropping to $4,061.35 an ounce. U.S. gold futures for August delivery lost 0.5% to $4,076.40, putting the metal on track for a fourth straight monthly decline with a 4% loss so far this month. The sell-off accelerated as oil prices climbed after renewed military clashes between the United States and Iran in the Gulf, including Iranian attacks on U.S. military facilities in Bahrain and Kuwait. Tehran and Washington subsequently agreed to halt the hostilities over the Strait of Hormuz and restart negotiations. Investors are also awaiting U.S. employment data this week, including the ADP private payrolls report and nonfarm payrolls figures, for clues on the Federal Reserve's policy path. Among other precious metals, spot silver slipped 1.1% to $58.51 an ounce, while platinum added 1% to $1,630.13 and palladium gained 0.8% to $1,218.92.