Gold drops after two-month high

Gold prices dropped by more than 1% today, Thursday, after reaching a two-month high. Investors took profits following the release of U.S. inflation data that met expectations, which reduced the likelihood of the Federal Reserve raising interest rates next month. Gold approached a key resistance level at $4,500 per ounce but declined due to price pressures and slowing inflation in the United States, with market expectations indicating no immediate need for interest rate hikes. This comes amid ongoing declines in oil prices and concerns over weak global demand.

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