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Gold Slips as Traders Mull on Higher Rates for Longer Bets
Gold slipped as the dollar rallied and bond yields gained amid speculation that central banks will keep interest rates elevated for longer to rein in inflation. A gauge of greenback strength rose for a fourth day, soaring on Monday to the highest level this year, while a selloff in the bond market saw 10-year Treasury yields hitting the highest level since October 2007. Meanwhile, Federal Reserve Bank of Chicago head Austan Goolsbee said in a CNBC interview that it’s still possible for the US to avoid a recession. “The latest Fed speak has investors fearing the Fed might need to do more,” said Ed Moya, senior ... (full story)