Gold's biggest monthly decline in 16 years

Gold prices have declined by more than 1%, reaching their lowest level since August 2008, due to expectations of a U.S. interest rate hike to combat inflation. The metal has lost 12.7% since the beginning of the month, continuing its fourth consecutive month of decline amid escalating inflation concerns caused by rising energy prices and the effects of the Iran conflict. Investors are awaiting U.S. employment data to gauge the Federal Reserve's stance on interest rate increases, while oil prices are heading toward their largest quarterly decline since 2020.

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