Severe losses hit the gold market, pushing the ounce price to new lows

Gold prices declined by more than 1% at the start of Asian trading amid fears of closing the Strait of Hormuz, which led to a sharp increase in oil prices and expectations of interest rate hikes to combat inflationary pressures. The gold ounce fell to $4,072.78, as clashes between American and Iranian forces in the region escalated. Attention is now focused on the Federal Reserve Chairman's testimony before Congress and upcoming US economic data.

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