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Gold falls amid rate hike bets and rising oil
Gold prices declined today amid rising expectations of a U.S. interest rate hike due to the hawkish statements from the Federal Reserve Chair. The price dropped by 0.4%, approaching its lowest level in two weeks. Meanwhile, rising oil prices have fueled inflation concerns. Despite the daily decline, gold is performing strongly over the month, up approximately 9.7% since the beginning of October. It is expected that the ongoing increase in interest rates and inflation outlook will continue to exert downward pressure on gold prices in the coming period.
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