Gold price drops in spot trading

Gold prices declined significantly today, with the ounce reaching its lowest level in about two weeks. It fell by 0.8% to $4,417.04 in spot transactions and by 1.4% to $4,466.80 in U.S. futures contracts, following signals from the US Federal Reserve Chairman indicating the possibility of raising interest rates to ease inflationary pressures. This decline reflects the market's reaction to statements regarding US monetary policy and their impact on gold prices.

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