Gold drops amid profit-taking

Gold prices declined today after reaching their highest level in seven weeks, due to profit-taking amid market expectations for upcoming U.S. inflation data. The spot gold price fell by 0.5% to $4,322.28 per ounce, while futures contracts declined by 0.4% to $4,381.60. The decrease in interest rates enhances gold's appeal, as it is viewed as a non-yielding asset, while markets are closely monitoring key data such as the Producer Price Index on Thursday, which could influence the Federal Reserve's decision on interest rate hikes.

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