Gold drops as inflation concerns rise
Gold prices slightly declined due to rising oil prices, which heightened inflation concerns, with expectations that the Federal Reserve may raise interest rates during its meeting this week. Spot gold fell by 0.5% to $4,327.80 per ounce, marking the third consecutive weekly decrease. Additionally, U.S. gold futures dropped by about 1% to $4,368.60, amidst an 86% likelihood of a rate hike during the Federal Reserve's meeting on September 15-16, up from 67% prior to the inflation data release.
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