REUTERS, Bengaluru

Gold prices eased on Monday as recent US-Iran strikes in the Gulf pushed oil prices higher, while expectations of US Federal Reserve interest rate hikes further weighed on the non-yielding metal.

Spot gold was down 0.7 percent at $4,061.51 per ounce, as of 0747 GMT. US gold futures for August delivery lost 0.5 percent to $4,076.20. The metal was headed for a fourth consecutive monthly loss of 10.5 percent.

“US and Iran were at it again over the weekend, with fresh military strikes reported from both parties, which casts further doubt over how long oil can stay at these subdued levels and therefore over the broader inflation and interest rate outlook,” said Tim Waterer, chief market analyst at KCM Trade.