Gold set for a fourth straight weekly drop as Fed hike bets push spot near $4,000

Gold extended its slide for a fourth straight week, with spot prices falling to $4,007.95 an ounce and nearing the $4,000 level, a multi-year low. Markets have priced in at least three Federal Reserve rate hikes this year, with a 64% probability of a September increase, after U.S. May inflation rose above 4%. Silver, platinum and palladium also fell and were on track for weekly declines. The report also said gold is down nearly 29% from its January peak, with analysts citing a long-term target of $3,400.