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Gold Falls Over 2% on Rate Hike Bets
Gold prices dropped by more than 2% on Monday, affected by rising bond yields and oil prices, reaching their lowest levels since early September. This comes amid expectations of higher U.S. interest rates, with a strong possibility of a rate hike in October, putting additional pressure on gold as a safe haven. Other precious metals also experienced sharp declines, as markets focus on U.S. economic data that could lead to increased inflationary pressures and higher bond yields, impacting the demand for gold as a hedge.
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