Gold rebounds as dollar falls
The price of gold rose by about 1% to reach $4,145.94 per ounce, after recording its lowest level in a week yesterday, influenced by the decline of the dollar and expectations of a US interest rate hike. This comes amid ongoing market uncertainty regarding the path of interest rate increases, following a surge in inflation in September due to higher gasoline costs, with investors awaiting the release of important economic data such as the Producer Price Index and US retail sales. Although gold is considered a hedge against inflation, rising interest rates reduce its attractiveness because it does not generate income.
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