Gold Price Drop Seen as Short-term

The World Gold Council explained that the current decline in gold prices is considered a temporary correction and does not indicate the start of a long-term downward trend, despite pressures resulting from the strengthening dollar and slowed demand in China and India. Gold prices fell after approaching $4,000 per ounce, amid expectations that U.S. inflation data and Federal Reserve monetary policy will impact the market. The council reaffirmed that the fundamentals still support long-term demand for gold, and that central bank purchases remain structural factors underpinning the market.

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