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Gold Falls Over 1% on Inflation Concerns
American inflation data that came in higher than expected has raised concerns about a possible Federal Reserve interest rate hike at its upcoming meeting at the end of the month. As a result, gold prices declined by more than 1.7% to reach their lowest levels since October 7th, marking the third consecutive session of decline. This was coincided with a rise in the dollar index and U.S. Treasury bond yields, which increased inflationary pressure and reduced the appeal of gold, despite continued support from central bank purchases and growing fears over U.S. public debt.
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