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Gold increases over 1% on weaker dollar and oil
Gold prices rose by more than 1% to reach approximately $4,308 per ounce, supported by a weakening dollar and falling oil prices, amid expectations of further interest rate hikes by the U.S. Federal Reserve. This came after gold hit its lowest level in about six weeks. Additionally, the prices of other precious metals such as silver, platinum, and palladium increased. Experts point out that rising interest rates reduce gold's attractiveness as an inflation hedge, despite ongoing geopolitical uncertainties.
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