Spot gold was 0.2% lower at $1,775.64 per ounce by 1215 GMT. U.S. gold futures were down 0.1% at $1,775.70.

Gold suffered its biggest daily drop in five months after the Fed signaled earlier than expected policy tightening on June 16. However, Fed Chair Jerome Powell has said inflation would not be the only determinant in interest rate decisions. 

Meanwhile, U.S. consumer spending paused in May, with the Fed’s main inflation measure rising by the most in 29 years. Gold prices rose as much as 0.8% on Friday after the data.

Among other precious metals, silver eased 0.2% to $26.02 per ounce, platinum slid 1.2% to $1,098, and palladium gained 0.2% to $2,642.17.

Performance of Gold Futures Overview (Source: Investing.com)