GOLD eased on Wednesday (Jun 22), as the dollar and Treasury yields firmed, but prices were range-bound as investors awaited fresh cues on top central banks' monetary policy plans, especially from the US Federal Reserve.

Spot gold fell 0.3 per cent to US$1,827.69 per ounce by 1.01 am GMT, extending losses to a fourth straight session. US gold futures dropped 0.5 per cent to US$1,830.20.

The dollar strengthened, making greenback-priced bullion more expensive for buyers holding other currencies.

The Fed will likely deliver another 75 basis point (bp) interest rate hike in July, followed by a 50 bp rise in September, and won't scale back to quarter percentage point moves until November at the earliest, according to economists polled by Reuters.

Higher interest rates and bond yields increase the opportunity cost of holding gold, which yields nothing.

Benchmark US 10-year Treasury yields also rose, making bullion less appealing.

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Market participants will likely be keeping an eye on Fed Chair Jerome Powell's testimonies in Washington DC this week.

European Union leaders aim to maintain pressure on Russia at their summit this week by committing to further work on sanctions, a draft document showed, with gold among assets that may be targeted in a possible next round of measures.

Euro zone governments should not expect unconditional support under the European Central Bank's new tool to stop borrowing costs from rising too far for the most indebted countries, 2 ECB policymakers said on Tuesday.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.16 per cent to 1,073.80 tonnes on Tuesday from 1,075.54 tonnes on Friday.

Spot silver dipped 0.8 per cent at US$21.50 per ounce, platinum fell 0.5 per cent to US$932.79, and palladium dropped 0.6 per cent to US$1,867.02. REUTERS