Gold hits one-month low

Reuters

Manila

Gold dropped to its weakest in a month on Monday, pressured by a firmer dollar following hawkish comments from U.S. Federal Reserve officials that signalled the next U.S. interest rate increase could come as soon as next month.

It marked further losses for bullion which fell the most since November last week as the dollar gained traction on prospects of higher U.S. interest rates in the near term.

All eyes will be on Fed Chair Janet Yellen who speaks on the U.S. economy and monetary policy on Tuesday that may give more clues on how many rate hikes policymakers are looking at and the timing.

St. Louis Fed President James Bullard was the latest to add his voice to policymakers supporting a rate hike, possibly as soon as in the next policy meeting in April.