By 3 Minute Read* Gold is down over 7% this month* Platinum is on track for its lowest quarter and month since March 2020 (Updates prices, recasts, adds comments) 30 JUNE (Reuters) – On Wednesday, gold was on track for its biggest monthly drop since November 2016, as investors remained cautious ahead of impending U.S. jobs data, which might heighten expectations that the Federal Reserve will begin to taper its asset purchases. By 9:56 a.m. EDT (1355 GMT), spot gold had down 0.2 percent to $1,758.39 per ounce, after hitting a low of $1,749.20 on Tuesday. Gold futures in the United States declined 0.3 percent to $1,757.80. Bullion prices are down approximately 7.7% for the month, with the Fed’s unexpected hawkish shift weighing on the non-yielding asset. However, they are up 3% for the quarter. “The dollar is rebounding, and the S&P 500 has routinely set new highs,” said Phillip Streible, chief market strategist at Chicago’s Blue Line Futures. The dollar index increased by 0.2 percent, making gold more expensive for holders of other currencies. In addition, hardline Fed members have stated that they will hike rates in 2023 and begin reducing bond purchases. “All of these are things that gold investors despise,” Streible remarked. According to a Reuters poll of experts, the nonfarm payrolls report from the US Labor Department is projected to show a gain of 690,000 jobs in June, compared to 559,000 in May. The data comes as Federal Reserve officials suggested that the central bank start slowing its asset purchase program this year. Silver rose 0.7 percent to $25.91 an ounce elsewhere. “While outperformance is possible, we see limited likelihood of a rising silver price in a decreasing gold market,” Morgan Stanley wrote in a note, adding that it was maintaining its silver projection at $25 until mid-year 2022. Palladium increased 1.1 percent to $2,708.16 per ounce, but was projected to fall for the second month in a row. Platinum dropped 0.6 percent to $1,060.17, marking the lowest monthly and quarterly decrease since March 2020. (Bengaluru-based reporter Nakul Iyer contributed to this report; Will Dunham edited it.)/nRead More