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Gold declines over 2% amid dollar strength
Gold prices have fallen by over 2% due to a rising dollar and expectations that the Federal Reserve (the U.S. central bank) will raise interest rates this year. The spot price of gold declined to $4,099.84 per ounce, while August futures contracts dropped to $4,117.70. Other precious metals also saw declines, with silver down 5% to $61.90, platinum down 3% to $1,628.55, and palladium down 2.9% to $1,229.28.
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