Gold falls as dollar rises amid Fed wait
Gold prices declined today, Tuesday, amid a rise in the dollar and investor apprehension as they await the Federal Reserve's decision on monetary policy. The spot gold price dropped by 0.7% to $4,044.81 per ounce, as markets anticipate a potential interest rate hike, with a 62% probability of keeping rates unchanged and a 38% chance of an increase by 25 basis points. Projections also suggest an 81% likelihood of a rate hike in September. The decline in gold prices reflects the upward pressure on the dollar, which maintained its highest level for the month, as investors await the results of the meeting scheduled for Wednesday and Thursday to make future decisions on interest rates, directly impacting the precious metal.
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