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Gold climbs as oil drops amid rate outlook
Gold prices rose today due to a decline in oil prices and investor expectations that the U.S. Federal Reserve may raise interest rates before the end of the year. Spot gold increased by 0.45% to $4,184.41 per ounce, while futures contracts gained 0.57% to $4,204.80. The market continues to monitor the Federal Reserve's meeting results and the interest rate hike expectation survey, which shows a 16% chance of a rate hike in October and a 92% chance in December. This comes amid rising inflation pressures and the European Central Bank's firm stance on raising interest rates. Other precious metals also increased, with silver rising to $57.82, platinum to $1,658.93, and palladium to $1,136.54.
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