Gold faces second weekly decline amid inflation fears

Gold prices are heading toward their second consecutive loss this week amid declining demand due to inflation concerns and expectations of a U.S. interest rate hike, especially ahead of the Federal Reserve meeting next week. The spot price of gold fell to $4,216.64 per ounce, while U.S. futures rose to $4,234.80, with market expectations indicating a 57% chance of a possible rate hike in December. Despite the upward movement in silver and a limited rebound in platinum prices, pressure continues to weigh on the precious metal.

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