Gold drops as inflation fears rise
Gold prices saw a slight decline due to rising oil prices, which increased inflation worries, as markets await the US Federal Reserve's decision on interest rate hikes this week. Spot gold dropped by 0.5% to reach $4,327.80 per ounce, marking its third consecutive week of decline. Other precious metals, such as silver, platinum, and palladium, also saw decreases. Analysts warn that rising interest rates could put downward pressure on gold prices, amid ongoing expectations that the US will tighten monetary policy to curb inflation.
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