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The Economic Times
The Economic Times

Gold poised for biggest monthly drop since 2008 amid Fed rate hike expectations

Gold prices fell on Tuesday and were on track to face their biggest monthly decline since October 2008, as geopolitical uncertainty in the Middle East led to expectations of Federal Reserve rate hikes to curb elevated inflation.

Spot gold was down 0.8% at $3,985.57 per ounce, as of 0613 GMT, shedding 12% so far in June in what could be its fourth ‌consecutive monthly decline, as per a report by Reuters. ⁠U.S. ⁠gold futures for August delivery lost 1% to $3,999.20.

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