Gold ends weekly rise at 4454
Gold prices declined sharply after three weeks of gains, due to rising expectations of an interest rate hike by the Federal Reserve in September, following statements by the Fed Chair emphasizing ongoing inflation and insufficiently falling prices. This led to a strengthening of the dollar and increases in U.S. Treasury bond yields, exerting additional pressure on gold prices, while the metal still retains long-term support factors from economic and geopolitical concerns. The future direction of the price will depend on US labor market data and developments in the Middle East, with key support levels around $4,450 per ounce.
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