Gold Falls 2% Amid Oil Rise and Rate Hike Bets

Gold declined by approximately 2% due to rising oil prices and Middle East tensions, which heightened inflation concerns and the possibility of the U.S. Federal Reserve raising interest rates later in the year. Prices stabilized at around $4,042.50 per ounce after reaching a high of $4,165, the highest since July. Expectations indicate an 80% chance of interest rate hikes in September, as escalating regional conflicts and their impact on oil prices reduce gold's appeal as a safe haven.

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