Gold dips as dollar gains on rate hike forecasts
Gold prices declined today, Wednesday, by 0.5% to reach $4,087.68 per ounce, amid a strengthening dollar and expectations of a U.S. interest rate hike, which increases the cost of gold for buyers using other currencies. Gold futures fell by 1.1% to $4,105.40, while the dollar reached its highest level in over a year. Market expectations indicate that the Federal Reserve will implement three interest rate increases this year, with American inflation data due tomorrow to support monetary policy decisions.
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