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Gold Falls 50 Dollars Post Rate Hike
Gold prices in the local market have decreased by 50 pounds, with the price of the 21-karat gram dropping to 6,275 pounds following the U.S. Federal Reserve's interest rate hike. Meanwhile, prices of other commodities have also declined. Gold's global gains have been trimmed after the bank signaled a potential future increase in interest rates to combat inflation, as the Federal Reserve raised the interest rate to 3.75-4%, marking the first increase since July 2023.
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