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Gold Falls Ahead of Fed Chair Speech
Gold prices worldwide declined by 0.5%, reaching $4,576.30 per ounce as investors await the speech of the US Federal Reserve Chairman, Jerome Powell, at the Jackson Hole symposium. There are expectations of a 33.9% chance of an interest rate hike in September and a 74% chance by December. This decline follows gold reaching its highest level in over three months after the US Treasury announced measures to support long-term bonds. Meanwhile, silver, palladium, and platinum prices are also trending downward.
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