Gold Falls on Iran Tensions and Rate Hike Expectations

Gold prices experienced a decline, settling near $4,486 per ounce after a drop of 1.2%, amid geopolitical tensions and expectations of a US interest rate hike, which affected demand for the precious metal. This came against the backdrop of escalating tensions between the United States and Iran over the Strait of Hormuz, leading to market fluctuations, along with rising bond yields and the dollar. Additionally, silver prices saw a slight increase to $74.97 per ounce.

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