Gold falls as US rate hike rises
Gold prices declined due to rising oil prices and expectations of a U.S. interest rate hike. The spot gold price decreased to $4,287.81 per ounce, the lowest level in five weeks, amid a 92% chance of the Federal Reserve raising interest rates tomorrow, up from 59% a week ago. The increase in energy costs and higher yields on U.S. Treasury bonds have boosted the dollar's appeal, reducing investors' demand for gold and putting downward pressure on its prices.
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