Gold set for fourth monthly fall on bets of Fed rate hikes

Gold prices tumbled over 1% on Tuesday, heading for a fourth consecutive monthly drop. Shifting from Middle East concerns, the market now anticipates U.S. interest rate hikes to combat inflation. This outlook, coupled with a strengthening dollar, is weighing heavily on the precious metal. Investors are keenly awaiting upcoming U.S. employment data for further clues on the Federal Reserve's next move.