Gold prices face sharp monthly drop

Gold prices dropped by more than 1% today, Tuesday, marking the largest monthly decline since October 2008. This decline is driven by expectations of an interest rate hike by the U.S. Federal Reserve to combat inflation. While the spot price reached $3,956.92 per ounce, U.S. futures contracts fell by 1.7% to $3,969.30, amid the impact of rising energy prices on inflation and anticipations of higher interest rates.

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