Gold dips for third straight session, dollar scales year highs

Gold futures tilted lower in Asian trade as the dollar index scaled June 28, 2017 highs, amid market lull with no data releases from the US today. 

As of 03:34 GMT, gold futures due on December 15 shed 0.30% to $1,215.40 an ounce, while the dollar index inched up 0.05% to 96.40, marking year highs. 

US data released last week showed consumer prices rose 0.2% m/m in July as expected, accelerating from 0.1% in June, while core prices, excluding food and energy, rose 0.2% as expected with no change from June. 

On a yearly basis, consumer prices rose 2.9% as expected with no change as well, while core prices accelerated to 2.4% from 2.3%. 

The dollar index has strengthened considerably against major currencies, marking the third weekly profit in a row and weighing on dollar-denominated commodity futures, on prospects of two more Federal Reserve rate hikes this year.