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Gold Gains Over 1% on Rate Outlook
Gold prices rose by more than 1% today, Friday, supported by a decline in the U.S. dollar and falling oil prices. The market is closely watching interest rate expectations and efforts to balance concerns over inflation with monetary tightening. Spot gold increased by 1.4%, reaching approximately $4,190.57 per ounce, while December futures rose to $4,215.30. This increase is attributed to the stabilizing dollar and easing worries about oil supplies, alongside indications from the Federal Reserve to raise interest rates—factors that could affect gold's appeal as an inflation hedge. The outlook suggests an 83% chance of a rate hike in December, which limits the long-term rise of the yellow metal, despite its status as an inflation refuge. Other precious metals also saw notable gains: silver surged 1.5% to $60.22, platinum rose 2.7% to $1,677.80, and palladium increased 3.3% to $1,159.70.
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