Gold hits one-year low as rate expectations weigh
Gold fell to a one-year low and silver dropped below fifty dollars an ounce on Friday. Persistent inflation concerns and rising energy costs drove expectations that interest rates will remain elevated.
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Gold fell 2.7% to $3,910.53 per ounce on Friday morning, hitting a one-year low as persistent inflation concerns strengthened expectations of elevated interest rates. The drop brings bullion on track for a 5.9% monthly decline. Persistent inflation and surging energy costs are weighing heavily on non-yielding precious metals.
