Gold falls as dollar rises and rate hike forecasts

Gold prices declined today, Thursday, continuing their downward trend to the lowest levels in seven months, with the price of an ounce reaching $4,000 after falling by 0.5%. This decline was amid a strengthening dollar, which hit its highest level in 13 months, and expectations of three US interest rate hikes this year, raising the cost of gold for international buyers. Silver also dropped to $57.50 per ounce, amid expectations of further rate increases and reports of central banks continuing to buy gold despite economic tensions.

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