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Gold steady near $4400 amid easing recession concerns
The price of gold settled at around $4,400 per ounce, as the US dollar weakened due to subdued expectations of interest rate hikes by the Federal Reserve. This increased the appeal of the precious metal as a safe haven, especially amid ongoing tensions in the Middle East and renewed demand from investors and central banks, particularly from China. Investors are now examining the Federal Reserve's July monetary policy meeting minutes for clues about future interest rate trends, amid concerns over escalating regional conflicts and their potential impact on global markets.
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