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Gold drops amid rising dollar and rate hike expectations
Gold prices dropped by about 2% today due to the rise of the US dollar and expectations of the Federal Reserve raising interest rates this year. Meanwhile, geopolitical concerns eased after progress in US-Iran negotiations, which decreased demand for gold as a safe haven. Gold declined by 1.8%, reaching $4,119.17 per ounce in spot trading, with approximately a 90% chance of an interest rate hike in December amid anticipation of US inflation data.
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