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The Economic Times

Business

Gold set for a weekly drop as traders assess Fed signals

US Federal Reserve Gold Interest Rates Inflation United States Economy

Gold prices were largely steady on Friday and were on track for a weekly loss as traders weighed the prospect of further Federal Reserve rate hikes this year following a run of hotter-than-expected US inflation data.

Spot gold was down 0.1% at $4,165.12 per ounce by 02:07 p.m. EDT (1807 GMT) but was down 0.7% so far in the week.

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