Gold dips to 7-month low amid dollar rise
Gold prices today fell to their lowest levels in more than seven months, due to the rise of the US dollar and expectations of higher interest rates in the United States. Markets are closely awaiting inflation data that could influence monetary policy. The spot gold price decreased by 0.4% to $3,983.20 per ounce, while August contracts dropped to $3,996.30, having declined by more than 29% since their peak in January. The strengthened dollar adds pressure on the precious metal, amid forecasts of three interest rate hikes this year.
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