Gold Slips on Rising Fed Rate Hike Bets
Gold prices fell on Monday as expectations for a US Federal Reserve rate hike strengthened following hot inflation data. Spot gold dropped 1.2% while a stronger dollar and rising oil prices added pressure.
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Gold fell 1.2% to $4,296.68 per ounce during Monday morning trade, extending losses as rising rate expectations strengthen. The drop follows three consecutive weekly declines for the precious metal. United States inflation data and rallying energy costs are driving traders to reprice monetary policy bets.
