2015.03.3108:17:00UTC+00Gold Flat Amid Hawkish Fed Comments

Gold prices were flat Tuesday morning, holding monthly losses as the dollar continued to rebound versus the euro.

The resumption of the dollar's uptrend has put pressure on most commodities, including precious metals.

U.S. gold for May was little change at $1185 on the New York Mercantile Exchange, and is set for a monthly loss of more than 2 percent.

Prices have come back from 4-month lows near $1142 seen earlier in March.

However, renewed expectations that the Federal Reserve will soon raise interest rates may continue to pressure gold prices.

Jeffrey Lacker, the president of the Richmond Fed, said Tuesday that he expects the Fed to start raising interest rates in the near future.

"Given the improvements in the labor market and other indicators, June will likely be an appropriate time to raise the federal funds rate target," Lacker wrote ahead of speech prepared for delivery to the Greater Richmond Chamber of Commerce.