Gold declines to two-week low amid dollar gains
Gold prices declined for the second consecutive week, reaching their lowest level in about two weeks. This decline was driven by a strengthening dollar and expectations of an interest rate hike by the U.S. Federal Reserve. The price of an ounce fell to $4,071.28 and faced weak investment demand. The market anticipates three interest rate increases this year, which reduces the appeal of gold, a non-yielding asset. Investors are also awaiting U.S. personal consumption expenditure data for further signals on monetary policy.
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