Gold Prices Dropped On Expectations Of A Higher Interest Rate

Gold prices dropped on expectations of a higher interest rate, while the dollar also edged lower. 

Gold prices, which are on track to resume their weekly decline, after snapping a six-week losing streak last week, came under pressure following a rise in the dollar on data showing inflation continued to meet the Federal Reserve's target and consumer spending remained firm. 

The Federal Reserve's preferred inflation measure -- the personal consumption expenditures price index excluding food and energy -- rose 2% in the 12 months through July. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.4% last month, the Commerce Department said.

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