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Gold Sinks Below $4,000 as Iran Conflict Lifts Rate Bets
Gold fell below $4,000 an ounce on Thursday and extended its decline to around $3,975 in early Asian trading on Friday, as escalating Middle East tensions lifted energy prices, Treasury yields and expectations for another US interest-rate increase. The decline outweighed traditional safe-haven demand for the precious metal. Spot gold (XAU/USD) dropped 1.9% to $3,984.64 an ounce in late New York trading on Thursday after falling as much as 2% during the session. US gold futures settled 1.5% lower at $3,992.10 an ounce. The metal weakened further during Friday’s early Asian session, reaching about $3,975. The US ... (full story)
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