Gold posts fourth week of declines
Gold prices have declined for the fourth consecutive month, continuing to be affected by the strength of the dollar and expectations of a faster rate of U.S. interest rate hikes to curb inflation. On Friday, gold rose by 1.54% to $4,089 per ounce, but it recorded a weekly loss of 1.7%. It is anticipated that U.S. interest rates will see three increases this year. Additionally, gold was negatively impacted by expectations that rising interest rates reduce its appeal as a safe haven against inflation.
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