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Gold gains amid falling oil and US inflation outlook
Gold prices rose significantly as oil prices declined, while investors await U.S. inflation data that will determine the direction of interest rates. Spot gold increased by 0.4% to reach $4,188.27 per ounce, after hitting its highest level in a week, while December gold futures rose by 0.5% to $4,212.50. Oil prices fell after initially rising due to tensions in the Middle East, which heightened inflation fears and reinforced expectations of a Federal Reserve interest rate hike—especially with the release of the upcoming consumer price index data on Wednesday and its impact on financial forecasts. Forecasts indicate a 19% chance of a rate hike in October compared to an 85% chance in December, influencing gold's appeal as an inflation hedge in the short term.
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