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Gold Gains as Rate Hike Expectations Drop
Gold prices slightly increased today, supported by reduced expectations of a U.S. interest rate hike following the release of lower-than-expected inflation data. The spot price of gold rose by 0.5% to reach $4,175.19 per ounce, while December futures contracts on U.S. gold increased by 0.4% to $4,204.80. Other precious metals also saw gains, with silver rising by 1.2% to $61.11 per ounce, platinum by 0.7% to $1,717.35, and palladium by 0.3% to $1,207.12. This upward movement comes after gold declined by over 6% in September and occurs amid market anticipation for U.S. employment data, which will influence future interest rate policies.
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