Gold dips close to 7-week low
Gold prices settled near their lowest level in more than seven weeks, as investors remain concerned that the US Federal Reserve might keep interest rates high for a longer period, amid anticipation of key US economic data. Gold prices are also affected by geopolitical tensions and unrest in the Middle East, which have led to a rise in oil prices, threatening to increase inflation and prolong the cycle of interest rate hikes. Although gold is traditionally seen as a hedge against inflation, rising interest rates weaken its appeal, with a 70.3% probability of a rate hike in October.
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