Gold Hits Seven-Month Low

Gold prices plummeted sharply to their lowest levels in seven months, falling by 2.7% to $4,002.72 per ounce. This decline was driven by increasing expectations of a rate hike by the Federal Reserve and the rising value of the US dollar, both of which reduce the appeal of the non-yielding metal. Gold futures dropped by 3.1% to $4,020.90, with gold continuing its decline in five out of six trading sessions, amid expectations of tighter monetary policies and further gains for the dollar.

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