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Gold falls over 1% on rising inflation
Global gold prices dropped by more than 1.7%, reaching their lowest level since early October. This decline was driven by higher-than-expected US inflation data for September. As a result, the chances of the Federal Reserve raising interest rates in its recent meeting increased, leading to a stronger dollar and higher Treasury bond yields, which diminished gold’s appeal despite central banks continuing to buy the metal as a safe haven. Additionally, silver and platinum prices experienced notable declines. Market expectations now suggest a 44% chance of a rate hike in October and a 95% chance in December.
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