Gold Heads for Fifth Monthly Drop as Fed Stays Hawkish
- Metal poised to end down 3% in August on economic woes
- Base metals extend losses as jobs report misses estimates
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Gold headed for a fifth straight monthly drop, the longest losing run in four years, as speeches by Federal Reserve officials indicate the central bank will keep monetary policy tight for some time.
The metal briefly pared losses Wednesday as the greenback fell back after ADP Research Institute showed US companies had the smallest increase in private payrolls since the start of 2021.