Gold is having its worst streak of daily losses in 42 years

Gold has been under pressure.

The expectation that the Federal Reserve may raise interest rates this year appears to be reducing demand for gold, according to Barclays.

And gold prices could head even lower, given the strong US macroeconomic environment, which only increasingly forces the Fed's hand to hike interest rates.

Near noon, gold was higher but little changed at around $1152.70 an ounce.

This chart from Reuters' Jamie McGeever shows that we could see the extension of a record low today.