Gold drops ahead of rate outlook
Gold prices declined as investors awaited the Federal Reserve's meeting minutes and the pace of interest rate hikes. Gold prices fell by 0.70% to $4,134.12 per ounce in spot transactions. Market expectations point to an 85% chance of a rate hike in December, despite weak economic data that reduce the likelihood of a hike in October. Analysts confirm that rising interest rates tend to decrease gold’s appeal as a safe-haven asset, while experts forecast that the price of gold could reach $5,013 within the next 12 months.
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