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Gold drops over 1% as oil prices increase

Gold drops over 1% as oil prices increase

Gold declined by more than 1% at the start of Asian trading sessions, as oil prices rose due to fears of closing the Strait of Hormuz and worsening conditions in the Gulf region, leading to expectations of higher interest rates to combat inflation. The yellow metal in spot transactions dropped to approximately $4,072.78 per ounce, with ongoing tensions between Iran and the United States continuing to impact global markets.

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