Gold falls below $1,220 an ounce

Gold fell further on Wednesday and was on track to post its sixth daily loss in a row even though the US dollar retreated somewhat.

The yellow metal has been under pressure ever since the Fed signaled at a possible rate hike in June.

Gold for June fell to a low of $1,218 an ounce before recovering slightly. At time of writing, gold futures were trading at $1,223.60 an ounce on Comex, 0.5% down on the day.

The metal is poised for its lowest settlement in nearly two months. Prices have lost more than 5% over the month so far.