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Gold drops on US data expectations
Gold prices retreated by 0.6% to reach $4,470 per ounce, as markets head toward potential fluctuations following divergent forecasts regarding US interest rate hikes, which still carry about a 50% probability of increase. This comes amid anticipation of the upcoming US non-farm payroll data, which will determine the future trajectory of interest rates and influence movement in the metal as a hedge against inflation. The ongoing demand from central banks for gold reflects its continued importance as a safe haven, despite the potential increase in interest rates.
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