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Gold falls amid US Iran tensions
Gold prices experienced a sharp decline of more than 1%, reaching their lowest level in approximately 11 weeks. This drop was driven by a strengthening dollar and rising oil prices amid escalating geopolitical tensions between the United States and Iran, along with expectations of prolonged interest rate hikes. The spot price of gold stood at $4,187.59 per ounce, while U.S. futures contracts recorded $4,213.40. This coincided with increased demand for the dollar and reports of inflation concerns, which put pressure on the prices of the precious metal.
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