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Gold Falls 2.79% Amid Oil and Rate Hikes
Gold prices globally declined by 2.79%, reaching approximately $4,156 per ounce. This decrease coincides with rising oil prices and expectations of an interest rate hike by the U.S. Federal Reserve. The decline is driven by concerns over inflation and increasing bond yields, as the rise in oil prices and tensions between Iran, the United States, and Israel have added pressure on the precious metal, despite its status as an inflation hedge. Gold prices are expected to remain influenced by upcoming U.S. economic data, with potential continued upward pressure on bond yields and gold prices.
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