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Gold drops close to week’s low before U.S. inflation report
The article discusses the decline in gold prices near their lowest level in a week, amid expectations of interest rate hikes in the United States. The report indicates that the spot price of gold remained steady at around $4,318.88 per ounce, after hitting its lowest point since early September. This marks a 2% drop on Thursday following data showing a rise in U.S. producer prices. Markets also anticipate that the Federal Reserve will raise borrowing costs next week, coinciding with the release of American inflation data, which is expected to influence gold movements. Additionally, the prices of other precious metals like silver and palladium have decreased amid expectations of further monetary tightening to combat inflation, though rising interest rates may reduce gold's attractiveness as a store of value.
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