Gold steadies as Middle East tensions and rate hike prospects loom

Gold prices settled around $4,020 an ounce today, Monday, as investors assessed the escalating tensions in the Middle East, which led to a rise in oil prices. At the same time, a Federal Reserve official indicated that interest rate hikes might be necessary to control inflationary pressures, amid growing bets on the possibility of an upcoming increase in U.S. interest rates.

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