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Gold drops amid Fed tone and rising oil
Gold prices declined today, Monday, losing their early gains due to investors reassessing expectations of a US interest rate hike following the Federal Reserve Chairman's hawkish comments on inflation. Additionally, the increase in oil prices to nearly $89.38 per barrel after military strikes in the Gulf region and Iran's responses heightened concerns about inflation and currency devaluation. Despite the decline, gold remained up by approximately 10% in August, supported by inflation hedging and the U.S. Treasury's intervention in the bond market.
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