Gold drops to near two-week low over rate hike fears
Gold prices fell to their lowest level in about two weeks, following statements from the US Federal Reserve Chairman suggesting the possibility of raising interest rates to ease inflationary pressures. This came amid increasing tensions in the Middle East, which heightened inflation fears. The price of an ounce dropped by 0.8% to $4,417.04, marking its lowest point since August 19. Other precious metals also declined, with silver falling to $66.10, platinum to $1,797.03, and palladium to $1,386.96.
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