* U.S. ADP report at 1215 GMT * Silver on track for weakest month since Sept 2020 * Platinum headed for more than 6% monthly drop (Recasts, updates prices, adds detail)
Aug 31 (Reuters) - Gold prices fell on Wednesday and were on track to post their longest streak of monthly losses since 2018 as traders anticipated more interest rate increases by
Spot gold fell 0.8% to $1,710.70 an ounce by 0956 GMT. Bullion has lost about 3% so far in August, set for its fifth straight month of declines.
U.S. gold futures dipped 0.8% to $1,722.90.
Expect gold to fall to $1,600 by year-end as Federal Reserve chair Jerome Powell's determination to bring down inflation through tighter monetary policy will result in higher U.S.
Inflation has hit multi-decade highs in many parts of the world, forcing central banks to tighten monetary policy. Gold is highly sensitive to rising U.S. interest rates, which inc
"The Fed does not have intentions to significantly ease in the near term," said DailyFX currency strategist Ilya Spivak. "Their focus is on inflation."
Traders will look at the U.S. private payrolls report due at 1215 GMT for further clues on the resilience of the American labour market.
Spot silver fell 2.5% to $18.03 an ounce and was set for its biggest monthly drop since September 2020. Platinum slipped 0.7% to $841.40 and was headed for a more than 6% drop