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Gold slips after 7-week rise
Gold prices declined after a seven-week rally, as investors awaited U.S. inflation data to gauge the direction of interest rates. The spot gold price fell by 0.5% to $4,322.28 per ounce, after reaching its highest level since June following jobs data that dampened expectations of a rate hike, making gold more attractive compared to yield-bearing assets. Meanwhile, gold futures decreased by 0.4%, and both silver and palladium prices also dropped significantly, as the market continued to react to the possibilities of Federal Reserve policies.
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