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U.S. rate hikes push gold downmore than 1%
Gold prices fell by more than 1%, amid rising oil prices and expectations of an interest rate hike by the U.S. Federal Reserve. This increased inflationary pressures and diminished gold’s attractiveness as a hedge. The rise in bond yields and oil prices led to a decline in gold in the global market, with spot and futures prices dropping by nearly 1.5%. Investors are also anticipating the possibility of another interest rate increase in the United States in October, which raises the cost of holding gold and impacts other precious metals such as silver and platinum.
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