Economic TimesLean R·
Gold poised for biggest monthly drop since 2008 amid Fed rate hike expectations
Gold prices are experiencing a significant monthly drop, nearing their largest decline since 2008. This downturn is driven by expectations of Federal Reserve interest rate hikes aimed at controlling inflation, fueled by rising energy prices. A strong US dollar further dampens gold's appeal as an inflation hedge, with traders anticipating multiple rate increases this year. Investors are closely watching upcoming economic data for clues on the Fed's next move.
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