Gold falls on inflation and rate hike worries
Gold prices declined on Wednesday amidst expectations of interest rate hikes, amid concerns over rising inflation due to escalating tensions in the Middle East. The spot gold price dipped by 0.1% to reach $4,349.44 per ounce, while U.S. December futures fell by 1% to $4,393.30. Markets are awaiting key inflation data from the United States, such as the Producer Price Index, expected to be released Thursday, followed by Consumer Price Index figures on Friday, to determine the trajectory of U.S. monetary policy.
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