Muscat: Gold prices today fell more than 1% and were set for their biggest monthly decline since October 2008, as uncertainty in the Middle East gave way to expectations of US interest rate hikes to tame elevated inflation.

According to Oman News Agency, spot gold declined 1.5% to $3,956.92 per ounce, bringing its losses for the month to 12.7%, and putting it on track for a fourth consecutive monthly decline. US gold futures for August delivery lost 1.7% to $3,969.30. Spot silver fell 2% to $57.13 per ounce, platinum lost 1.1% to $1,557.21 and palladium slipped 0.4% to $1,208.17. All three metals were headed for quarterly and monthly losses.