Gold prices decline at open
Gold prices dropped by more than 1.5% today, Monday, reaching approximately $4,224 per ounce, due to rising oil prices and expectations that the U.S. Federal Reserve will raise interest rates again. This comes amid concerns over inflation and increasing bond yields, as investors monitor labor market and inflation data in the United States. Gold is seen as a hedge against inflation, but the rise in interest rates increases the cost of holding it, which has led to a decline in demand.
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