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Gold prices decline globally despite monthly gain efforts
Gold prices globally declined today by 0.5% to reach $4,076 per ounce, despite heading towards their first monthly gain in five months of 1.8%. This comes amid buying interest to capitalize on the price dip close to the $4,000 level, as investors assess developments in the Middle East and their impact on U.S. interest rate expectations. The Federal Reserve kept interest rates unchanged, but the market prices in a 63% chance of a rate hike in September. Gold prices remain vulnerable to the strengthening dollar, which rose by 0.3% after a 2.4% drop yesterday, making the metal more expensive for buyers holding other currencies. Additionally, prices of other precious metals generally declined, although some continued to trend towards achieving monthly gains.
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