Gold stays near $4,160 amid rate hike pause

Gold settled at around $4,160 per ounce after recording its first weekly gain since May, supported by lowered expectations of U.S. interest rate hikes, weak U.S. jobs data, and falling energy prices. Central banks increased their gold purchases in May despite pressure from rising interest rates. Oil prices declined, easing inflationary pressures on gold, while the dollar index resumed its upward trajectory after years of decline.

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