Gold Edges Lower But Poised for First Monthly Gain in Five

Gold prices declined on Friday but are still poised to post their first monthly gain since February. The metal's value dropped by 1.4% to $4,045.10 an ounce at 08:41 ET (12:41 GMT), while gold futures retreated 1.4% to $4,043.20 an ounce.

The Federal Reserve's recent meeting has left investors uncertain about the trajectory of U.S. interest rates. Fed Chair Kevin Warsh stated that policymakers were prepared to address inflation pressures, indicating a potential future rate hike. However, he later suggested that bond operators may be doing the job of tightening monetary conditions for the Fed, leaving traders unsure about what the central bank will do next.

A cooler-than-expected June reading of an inflation gauge closely monitored by the Fed has partially aided bullion. Markets have been trying to discern a path for rates after the Fed opted to keep borrowing costs unchanged on Wednesday.