Gold hits 3-week low on rate fears
Gold prices dropped to a three-week low as escalating Middle East tensions pushed oil prices higher, intensifying inflation concerns and rate hike expectations. Investors now await upcoming U.S. employment data for further guidance.
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Gold fell 0.2% to $4,321.31 per ounce during Wednesday morning trading, hitting its lowest level in over three weeks. Prices are heading toward a fourth consecutive session of declines amid escalating geopolitical tensions. The drop reflects mounting inflation fears and rising interest rate expectations driven by higher crude oil costs.
